State Corporation (Russian: Государственная корпорация, romanized: Gosudarstvennaya Korporatsiya) is a non-membership non-commercial organization, a type of legal entity in Russia introduced in 1999 (Article 7.1, NCO Law).
Each state corporation is created by a separate Russian federal law.
For example, VEB was used as an off-budget funding vehicle for the state's special projects.
[2] VEB is overseen by a nine-member board that puts Dmitriyev together with seven government ministers and a representative of the Kremlin.
An opaque organization held firmly controlled by President Vladimir Putin, Vneshekonombank (VEB) was used to finance the Winter Olympics in Sochi and extend Russian financial influence in Ukraine.