His father was a leading Soviet banker who ran the Financial Department of the Foreign Office in the 1940s before ending his career as deputy chairman of the State Bank.

[1] Due to his father's connections, Viktor made a brilliant career in the Soviet banking system.

For approximately seven years during the 1990s, the Kremlin's obshchak («общак») or black cash was stored in the vaults of Vnesheconombank (VEB) because 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.

"[2] His activities as Central Bank governor were controversial: for example, he was accused of illegally supplying money to the anti-reform forces in the Supreme Soviet during the 1993 Russian Constitutional Crisis.

In March 2002 Gerashchenko resigned again, citing his advanced age, and accepted the post of chairman of the board in the notorious oil company Yukos.