[5] For approximately seven years during the 1990s, the Kremlin's obshchak («общак») or black cash was stored in the vaults of Vnesheconombank (VEB) because Viktor Gerashchenko stated that in 1992 VEB became an agency for the return of the state debt of the USSR due to a decree by the Supreme Soviet: "Vnesheconombank does not have a central banking license.

[10][a] By late 2009, VEB quadrupled its assets to nearly 2 trillion rubles ($65 billion),[11] it was seen by the government as an off-budget fund, used to put off budget expenses.

[11] In July 2014, the United States Department of the Treasury imposed economic sanctions that greatly restricted U.S. persons and entities from providing doing business with VEB after the 2014 pro-Russian unrest in Ukraine.

[17] Sergey Gorkov, a former senior executive at Sberbank, was appointed to lead VEB and come up with a turnaround strategy, which included the sale of non-core assets.

[10] In January 2017, Gorkov released the bank's "Strategy 2021," which predicted relief from sanctions, resuming borrowing in the United States, and shifting risks to the government's budget.

Also VEB.RF, Gazprombank and Sberbank announced the funding of the development of the Talitsky area of the Verkhnekamsk potash deposit in Perm.

[28] VEB.RF and Sberbank will provide a syndicated loan for the modernization of Novaport group's regional airports in six cities of Russia, and together with Rockwell Capital will build the largest pulp and paper mill in Siberia.

[30] In February 2022, due to Russia's invasion of Ukraine, together with its subsidiaries, it was included in the US sanctions list, SDN, which provides for the maximum possible restrictions and a complete freeze of assets.

According to a filing pursuant to the Foreign Agents Registration Act, it is not owned, nor directed, by the government or any political party.