VEB. RF is a Russia’s national economic development institution. It is a state corporation established by Russian federal law. VEB. RF’s charter capital comprises funds and other property contributed by the Russian Federation; it also receives direct contributions from the Federal Budget. However, it is not a ministry or a state agency, but a special entity, tasked with facilitating a wide range of socio-economic development activities.
On 22 February 2022, President Joe Biden announced that the US and its European allies will impose sanctions against the bank in response to the 2021–2022 Russo-Ukrainian crisis.