German Gref

German Gref
Born	German Oskarovich Gref (1964-02-08) February 8, 1964 Panfilov, Pavlodar Region, Kazakh SSR (now Kazakhstan)
Occupation(s)	Businessman, politician
Years active	1982–present
Known for	Minister of Economic Development and Trade of Russia (2000–2007), CEO and chairman of Sberbank

German Oskarovich Gref (; born February 8, 1964) is a prominent Russian businessman and political figure. He held the position of Russia's Minister of Economics and Trade from May 2000 until September 2007 and possesses the federal state civilian service rank of 1st class Active State Councillor of the Russian Federation. Currently, he serves as the CEO and chairman of the executive board at Sberbank, which is Russia’s largest banking institution.

Education and early career

Gref was born in Panfilov, Pavlodar Region, Kazakh Soviet Socialist Republic (present-day Kazakhstan) into a family of ethnic Germans who had been deported. Later in his career, he played a significant role in assisting the repatriation of these exiled Germans to Russia, including founding the German settlement Strelna near St. Petersburg.

Following his military service between 1982 and 1984, he pursued legal studies at Omsk State University from 1985 to 1990. Subsequently, he entered postgraduate education at Saint Petersburg State University Faculty of Law, completing his studies in 1993 under the mentorship of Anatoly Sobchak. However, he only defended his dissertation many years later, in 2011.

Between 1992 and 1998, Gref occupied several positions within the Saint Petersburg City Administration, notably serving as vice-governor from 1997 to 1998. During this tenure, he established close working relationships with Vladimir Putin and other influential figures such as Alexei Kudrin, Dmitry Kozak, and Dmitry Medvedev.

Deputy Minister of State Property (1998-2000)

In August 1998, Gref was appointed as First Deputy Minister of State Property for the Russian Federation and remained on its governing board until 2000. Additionally, in 1999, he became a board member for the Federal Commission for the Securities Market as well as for state enterprises including Svyazinvest and Gazprom.

Minister of Economic Development (2000-2007)

On May 18, 2000, Gref took office as Minister of the newly established Ministry of Economic Development and Trade, securing reappointment in 2004. He was instrumental in advancing Russia’s membership in the World Trade Organization and supervised the founding of the Stabilization Fund of the Russian Federation in 2004.

Recognized as a liberal reform advocate alongside Alexei Kudrin during Vladimir Putin’s initial administration, Gref actively resisted monopolistic trends within the oil and gas industries. He stepped down from his ministerial role amid governmental restructuring in September 2007 coinciding with Mikhail Fradkov's Second Cabinet.

Sberbank CEO

In November 2007, German Gref was chosen as president of the state-owned savings bank Sberbank during an extraordinary general meeting. His tenure has been marked by comprehensive reforms aimed at enhancing operational efficiency and transforming corporate culture.

Following his departure from public office, Gref has served on boards of major state-controlled corporations such as Gazprom, Aeroflot, Rosneft, and Svyazinvest. Until October 2020, he also held a position on the board of Yandex.

At the Davos Economic Forum in 2010, Gref advocated for diminishing government ownership in Russian banking institutions, proposing a reduction of Sberbank’s state share from 57.6% to just over half—50% plus one share. In line with this strategy, a 7.58% stake was sold publicly in 2011 for $5.22 billion.

In January 2018, Gref was included on the U.S. Treasury Department’s "Kremlin list," identifying officials close to Vladimir Putin; this designation did not immediately trigger sanctions. However, after the onset of the 2022 Russian invasion of Ukraine, he became subject to comprehensive U.S. Treasury sanctions.

Sberbank’s shareholders reaffirmed their confidence in Gref by re-electing him for a fourth term in 2019 and once more in 2023 for an additional four-year tenure as CEO and chairman of the management board.

Amid heightened U.S. sanctions in February 2019, Gref advised Russian citizens to "prepare for the very worst scenarios." In January 2022, together with other economic advisors, he presented President Putin with an analysis detailing international sanctions’ potential economic repercussions amid escalating tensions prior to Russia's invasion of Ukraine. Despite these warnings about severe outcomes, hostilities escalated shortly afterward.

Sanctions

In the aftermath of the 2022 Russian invasion of Ukraine, Gref was listed on the United Kingdom's sanctions registry. By April 2022, he was also designated under the European Union sanctions due to Russia's military actions in Ukraine. Canada imposed sanctions on him under the Special Economic Measures Act for violations of international peace and security, while the UK government enacted restrictions connected to the Russo-Ukrainian War.

Personal life

On May 1, 2004, Gref wed designer Yana Golovina at Peterhof Palace. He has a son named Oleg from a previous marriage, who pursued legal studies in St. Petersburg before relocating to Germany for advanced education. Since 2006, Gref and Golovina have been parents to a daughter. Gref is proficient in German and holds an appreciation for Goethe as well as German Expressionist art.

Amid the Crimea annexation and escalating sanction threats, Gref reorganized a $75 million family trust via Singapore-based Asiaciti Trust in 2015, transferring more than $50 million to a nephew overseas while retaining control through offshore entities. In a 2016 interview with TASS, he acknowledged speculative engagement with Bitcoin, expressing interest in virtual currencies both as a novelty and as a prospective economic phenomenon.

External links

• Official biography at sberbank.com