[1] In 1988, it was reorganized as the Bank for Foreign Economic Affairs of the USSR (Russian: Банк внешнеэкономической деятельности СССР) or Vnesheconombank.
The Garantie- und Kreditbank für den Osten [de], opened by Aschberg in 1920 in Berlin, took over the representation of the Russian Commercial Bank in Germany.
In the mid-1960s, the focus was on Western European loans for the development of the automotive industry in the Volga region, in cooperation with Italy's Fiat Group.
Its role as a gold seller on the Western markets was significant, allowing the USSR to obtain foreign currency with which to pay for imports.
[6]: 55 In 1991, Vnesheconombank's assets were seized by the Soviet authorities,[6]: 56 and in 1992 it defaulted on loans that it had received from foreign commercial banks, which were subsequently the matter of London Club negotiations.