State corporation (Russia)
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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.
These state corporations are non-profits established only under a federal law and are different from all the other organizations referred to in the mass media as "state corporations". They are regulated by bespoke legislation.[1] According to the law, a state corporation is wholly owned by the Russian Federation directly, bypassing the Federal Agency for State Property Management.
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.[3]
Full list of State corporations
[edit]- Deposit Insurance Agency
- VEB.RF
- Fund of Housing and Communal Services Development Cooperation
- SC Olympstroy
- Rostec (formerly, Russian Technologies State Corporation - «Rostechnologii»)
- Rosatom
- Roscosmos
Former State corporations
[edit]- Rusnano (now re-registered as Open joint-stock company)
See also
[edit]- State corporation (generically)
- Types of business entity#Russia
References
[edit]- ^ "How Putin's Bank Became Russia's $20 Billion Problem". 3 March 2016.
- ^ "Russian Government Draws up Rescue Plan for VEB Development Bank". 30 March 2016.
- ^ "How Putin's Bank Became Russia's $20 Billion Problem". 3 March 2016.