State corporation (Russia)

State Corporation (Russian: Государственная корпорация) 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 under the thumb of President Vladimir Putin, Vneshekonombank (VEB) was used to finance the Winter Olympics in Sochi and extend Russian financial influence in Ukraine.[3]