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The President proposed that Mr Shuvalov head Vnesheconombank.

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President of Russia Vladimir Putin: Mr Shuvalov, you know the subject of our meeting: what do you think about my proposal that you head Vnesheconombank?

Igor Shuvalov: Mr President, in the past few years I was a member of the bank’s Supervisory Board and I am familiar with the issues that we reviewed under the Prime Minister’s guidance.

In the past two years, Sergei Gorkov’s team has been working on your instructions to resolve the most complicated problems that had accumulated in the past.

This work has been done. On the whole, the bank is now in good shape and as I see it, it should become a development bank in the full sense of this term and fit in with the agenda you announced in your May 2018 Executive Order.

I fully share this agenda and believe that it is very important for Russia. Vnesheconombank may become one of the main instruments for translating it into reality. I will use all my experience, energy and knowledge to reach this goal.

Vladimir Putin: When I was thinking about appointing you to this post, I took into consideration that for many years you were a member of the Government and largely dealt with major projects, working with foreign partners in many areas. In effect, this work was part of your responsibilities.

Indeed, Mr Gorkov has done a great deal for the bank to get a new lease of life, to recover and achieve real results and be a success. I think you will have a very good team. Moreover, Mr Gorkov has his own ideas.

I would like all of you to work together for the time being. I would like this bank – and a bank is primarily supposed to be a development institution – to become such an institution. Of course, it will have to be supported and its capital should be increased.

This is a separate issue. I know that you discussed these matters with the Prime Minister. I know that you are also concerned about this. The task facing the bank is additional capitalisation because, of course, it should be able to operate in order to effectively fulfil its functions as a development institution. This is clear to everyone and we will try to support you.

I believe that the experience of your previous work in the Government in the areas that were part of your duties will certainly be very useful in your post at the bank. This is my first point.

Secondly, I hope that you will continue working with the Government. In this sense, your work will certainly change. You will have a different status, but the area of your activities, though not fully coinciding with what you did before, will largely allow you to use the experience that you have accumulated in previous years.

Igor Shuvalov: Thank you for your confidence. We will not let you down.

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