For years, 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.
VEB was supposed to be the financial supercharger of the Russian president’s state-directed capitalism, using its government backing to raise billions at low rates on western markets and pumping...
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