Storchak was born in Olevsk, Zhytomyr Oblast, Ukraine SSR, and became one of Russia's three deputy finance ministers in November 2005.

He specialized in international financial relations, and was a prominent figure in negotiations over paying off Soviet-era debt.

[4] Prosecutors later confirmed the detention of Storchak and two businessmen on suspicion of "attempting large-scale embezzlement from the Russian state budget through fraud".

[citation needed] On 31 January 2011, Russia's Investigative Committee announced that all charges had been dropped against Storchak, for lack of evidence.

[6] Some analysts have speculated that Storchak's case may be a sign of power struggle within the Kremlin between free-market liberals like Russian Finance Minister Alexei Kudrin and conservative elements favoring a greater role for the state in the economy.