[3] While in office at the Finance Ministry, one of his responsibilities was negotiating with the International Monetary Fund, the Paris and London Clubs.
In 1997, under an agreement to purchase oil from Angola's oil firm Sonangol worth $1.5 billion, the Isle of Man registered firm Abalone Investments Limited which acted as an intermediary between Angola and Russia, transferred only $161 million out of the $773 million in the first and only tranche to the Russian Finance Ministry's account with Unikombank (Russian: Уникомбанк) with Abalone Investments keeping the remainder as a commission.
According to French judge Daniel Deveaux, Gaydamak received 60% or $614 million stolen as a commission during the Russian scheme.
[19] He wrote off over $8 billion of Libya and Iraq debts with MFK Bank before he stepped down as first deputy finance minister.
[21][22] Vavilov became a board member of Mikhail Prokhorov and Vladimir Potanin's Interros (Russian: ФПГ «Интеррос»).