Vnesheconombank (VEB) is a Russian state corporation (a non-profit) that is a former Soviet bank. Vnesheconombank has no Russian banking license (i.e. Vnesheconombank is not a bank) and is not subject to the law on banks and banking activities. Translated to the English language, its name means "Bank of Foreign Economic Activity", though it is commonly called the "Russian Development Bank", and it refers to itself as "the state corporation Bank for Development and Foreign Economic Affairs”.

The Russian government uses VEB to support and develop the Russian economy and to manage Russian state debts and pension funds. It is a part in the government's plan to diversify the Russian economy, and to do so receives funds directly from the federal state budget. The bank was instituted in 1922.

In July 2014 the United States Department of the Treasury imposed sanctions that prohibit U.S. persons from providing new financing to VEB after the 2014 pro-Russian unrest in Ukraine.

Official site.