Sergei Gorkov

Sergei Nikolayevich Gorkov
Sergei Nikolayevich Gorkov
Born	December 1, 1968 (age 57); Gai, Orenburg Oblast, Soviet Russia
Occupation(s)	Attorney, banker
Years active	1994–present
Known for	Chairman of Vnesheconombank (VEB)

Adapted from the English Wikipedia article Sergei Gorkov, available under CC BY-SA 4.0Updated 11 August 2025

Sergei Nikolayevich Gorkov (; born December 1, 1968) is a Russian attorney and banker who currently serves as the chairman of Vnesheconombank (VEB), a prominent state-owned financial institution. Between 2010 and 2016, he held the position of deputy chairman at Sberbank, the largest banking institution in Russia.

He is an alumnus of the Academy of the Federal Counter-Intelligence Service, an institution responsible for training agents for both the Foreign Intelligence Service and the Federal Security Service (FSB). Additionally, he earned a master's degree in economics.

Early life and education

Gorkov was born in Gai, Orenburg Oblast, within Soviet Russia, to parents Nikolai and Lyubov Gorkova. His elder brother, Alexei Gorkov, became a member of VEB's board in January 2017. Sergei completed his law degree at the FSB Academy in 1994 and later obtained a master's degree in economics from Plekhanov Russian University of Economics in 2002. He is proficient in Russian, English, and Arabic.

Initial roles and tenure at Yukos

From 1994 until 1997, Gorkov was employed at Bank Menatep before moving to the now-defunct oil company Yukos and its Moscow branch, where he worked from 1997 to 2005. As vice president at Yukos, he managed human resources and pension matters and led the "New Civilization" () youth outreach initiative, which aimed to engage young people in political processes but was costly.

During Yukos’ downfall amid significant tax disputes and litigation involving the Russian government, Gorkov avoided detention, reportedly due to his connections with the Kremlin and the FSB. While Yukos CEO Mikhail Khodorkovsky was sentenced to eight years imprisonment for fraud and tax evasion, Gorkov’s subordinate Alexei Kurtsin was convicted of embezzlement and received a 15-year sentence.

Following his time at Yukos, Gorkov relocated to London in 2005, where he served on boards such as Eton Energy Ltd. and New Muscovy Company Ltd., before returning to Russia in 2006. Between 2005 and 2008, he was a board member of FESCO Transport Group, Russia’s leading intermodal transport operator.

Period at Sberbank

In November 2008, Gorkov joined the state-controlled Sberbank as director of personnel. Amidst the economic downturn, he reduced staff numbers from 270,000 to 240,000 to enhance operational efficiency and profitability. He also launched a retraining initiative for 200,000 employees and implemented a performance evaluation system that rewarded top performers with monthly bonuses.

His achievements led to his promotion as deputy chairman of Sberbank’s board in October 2010. He then took charge of international operations, growing the bank’s presence from two countries to twenty through acquisitions such as Austria’s Volksbank and Turkey’s DenizBank. Starting October 2012, he also chaired Sberbank’s Kazakhstan division.

Leadership at VEB

In February 2016, Russian President Vladimir Putin appointed Sergey Gorkov as chairman of Vnesheconombank (VEB), replacing Vladimir Dmitriev. His appointment was reportedly influenced by his FSB background, consistent with Putin’s tendency to place former FSB officials in strategic positions. Established in 1922 and restructured into a state development bank in 2007, VEB played a vital role during the 2008 financial crisis by restructuring failing banks, acquiring steel enterprises, investing approximately 175 billion rubles (around $3 billion) into struggling Russian companies, and supporting Ukrainian banks.

Frequently labeled by Western analysts as Putin’s "pet bank" or "slush fund," VEB has financed significant projects such as the 2014 Winter Olympics in Sochi, secretly supported pro-Russian factions in Ukraine, and provided financial assistance to oligarchs close to Putin. Foreign Policy described VEB as an off-the-books mechanism used for rewarding allies and advancing political objectives. When Gorkov joined in 2012, VEB was facing severe financial challenges that required an estimated infusion of 1.3 trillion rubles (approximately $22.8 billion) by 2020 to prevent default. The bank received a $20 billion bailout approved by Finance Minister Anton Siluanov in 2015.

In July 2014, VEB became subject to sanctions imposed by both the EU and US amidst the ongoing Ukraine crisis. Despite these restrictions, VEB has pursued growth opportunities within the Persian Gulf region and Islamic financial markets. In 2016, under Gorkov’s leadership, the bank announced collaboration with the Islamic Development Bank—a consortium representing 56 Islamic nations—launching a pilot financing initiative worth $100 million aimed at expanding VEB’s international reach.

Meeting with Jared Kushner

In late 2016, Gorkov became the focus of Western media due to his December meeting with Jared Kushner, who was both the son-in-law and a senior adviser to then president-elect Donald Trump. According to White House Press Secretary Sean Spicer in March 2017, Kushner's encounter with Gorkov was brief and occurred during the presidential transition, serving as a diplomatic conduit to the State Department. Nevertheless, VEB clarified that the discussion pertained to Kushner's family-owned real estate enterprise, Kushner Companies, despite VEB having been subjected to international sanctions since July 2014. The bank stated that Gorkov held meetings "with several representatives from major U.S. financial institutions and business groups, including Jared Kushner, head of Kushner Companies." Reports suggested Kushner was seeking investment partners for his project at 666 Fifth Avenue, which had been acquired for $1.8 billion in 2007 prior to the economic downturn. Neither VEB nor White House officials disclosed the exact date of the meeting; however, The Washington Post reported that a private jet owned by VEB traveled from Moscow to Newark, New Jersey on 13 December and then proceeded to Japan on 14 December during President Putin's visit.

Following his return to Russia in January 2017, Gorkov’s VEB released "Strategy 2021," outlining plans to obtain financing from U.S. markets.

On 25 May 2017, it was reported that Kushner was under investigation for failing to disclose meetings with Gorkov and Russian ambassador Sergey Kislyak on his security clearance paperwork. The scrutiny intensified due to Gorkov’s background with the FSB, especially since VEB had previously been implicated as a cover organization for convicted Russian spy Evgeny Buryakov, who was deported after serving time in federal prison. CNN also highlighted that during Donald Trump’s 2013 Miss Universe Pageant in Moscow—primarily sponsored by Sberbank—Gorkov was leading the bank at that time.

Additional roles

Gorkov holds board memberships at several prominent institutions, including Sberbank, Denizbank, the Russian aerospace sector’s United Aircraft Corporation, and the Agency for Strategic Initiatives, a governmental program aimed at fostering entrepreneurship among young Russians.

Personal life

Gorkov is married to Anna Nikolayevna Gorkova and they have three children: two sons—Alexei (born 1997) and Nikolai (born 2006)—and a daughter, Polina (born 2002). His personal interests encompass cartography and historical studies.

He has been honored with the Medal of the Order "For Merit to the Fatherland", II class, along with the Certificate of Honor of Russia.

External links

Official biography at VEB.ru
Interview on Sberbank with INSEAD (August 2012)
Interview regarding VEB on Russia-24 (July 2016)
Lecture on economics delivered by Gorkov (December 2016)