VP of Kremlin-linked Rossiya Bank arrested

By bne IntelliNews March 13, 2024

The Vice President of Rossiya Bank Igor Andreev has been arrested in a bribery case on March 5 while receiving a bribe of RUB2mn, according to RBC business portal.

As followed by bne IntelliNews, Rossiya Bank is believed to closely linked to Kremlin and is controlled by Yuri Kovalchuk, a long-time ally and friend of the President Vladimir Putin. The arrest could be linked to the upcoming high-profile promotion of Kovalchuk's son Boris from the state utility major InterRAO to a top job in Russia’s energy sector.

The Bell reminds that Rossiya controls the Saint Petersburg utility payments market, along with being the largest insurer in Crimea and one of the largest lenders to Russian defence companies.

According to the investigation, to secure uninterrupted financing of projects Andreev received bribes on a monthly basis, with a total of RUB30mn received from the co-owners of Project Management. The criminal case against Andreev was initiated by Rossiya Bank itself. 

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