At the end of March, the state-owned Vnesheconombank (VEB) formerly took over management of the state pension fund (SPF), on which most Russians rely for income in their old age.
Set up in Soviet times, but separated from the Central Bank of Russia (CBR) seven years ago, VEB is the Kremlin’s main interface with the financial world and handles Russia’s Eurobonds, pays the state’s foreign obligations and collects debts to the state, among other duties.
