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Putin's bailout bank needs 1.3 trillion rouble rescue

Over the past eight years, VEB came to epitomise Mr Putin's hybrid system that combined elements of market financing with tight Kremlin control.


FOR years, Russia President Vladimir Putin used Vnesheconombank (VEB) to pay for "special projects", from the Sochi Olympics to covert acquisitions in Ukraine to oligarch bailouts. Now, the state bank needs a rescue of its own and it could be the Kremlin's costliest yet.