Tags: Vnesheconombank | VEB | Russia | Trump

WSJ: Russian State-Run Bank Financed Trump Partner

WSJ: Russian State-Run Bank Financed Trump Partner
(Dreamstime)

By    |   Thursday, 18 May 2017 11:14 AM

Vnesheconombank, a Russian state-run bank that the U.S. is investigating for its ties to President Donald Trump, was said to provide financing for the Trump International Hotel and Tower in Toronto, according to The Wall Street Journal.

The 65-story building was built by Alexander Shnaider, a Russian-Canadian developer who put money into the project after receiving proceeds from the sale of his company’s stake in a Ukrainian steelmaker for about $850 million in 2010, according to S&P Global Market Intelligence.

The buyer, which hasn’t been identified publicly, was an entity acting for the Russian government, according to unnamed sources cited by the WSJ. Vnesheconomban, or VEB, initiated the deal and provided the money, the people said.

After U.S. intelligence agencies determined that Russian government hackers interfered in the 2016 election, the Federal Bureau of Investigation began a counterintelligence probe into whether Trump’s campaign staff had any contact with Russian officials. The House of Representatives and the Senate also are investigating any ties. Russian authorities have denied any interference.

Deputy Attorney General Rod Rosenstein on Wednesday named former FBI Director Robert Mueller as independent counsel amid calls by Republicans and Democrats for a special investigation of Russian meddling in the election after Trump fired FBI Director James Comey last week. Mueller oversaw the FBI during the 9/11 attacks.

“U.S. investigators are looking into any ties between Russian financial institutions, Mr. Trump and anyone in his orbit, according to a person familiar with the probe,” the WSJ reported. “As part of the investigation, they’re examining interactions between Mr. Trump, his associates and VEB, which is now subject to U.S. sanctions, said another person familiar with the matter. The Toronto deal adds a new element to the list of known connections between Mr. Trump’s associates and Russia.”

A Trump Organization spokesman said Trump had no involvement in any financial dealings with VEB and that the Trump company “merely licensed its brand and manages the hotel and residences.” VEB didn’t respond to the WSJ’s requests for comment.

“VEB has long been viewed by Russian analysts as a vehicle for the Russian government to fund politically important projects, including the 2014 Winter Olympics in Sochi,” the WSJ reported. “A VEB executive in New York was sentenced to prison last year after pleading guilty to conspiring to act in the U.S. as a Russian agent without notifying U.S. authorities.”

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Vnesheconombank, a Russian state-run bank that the U.S. is investigating for its ties to President Donald Trump, was said to provide financing for the Trump International Hotel and Tower in Toronto, according to The Wall Street Journal.The 65-story building was built by...
Vnesheconombank, VEB, Russia, Trump
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2017-14-18
Thursday, 18 May 2017 11:14 AM
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