Viktor Gerashchenko
Viktor Gerashchenko | |
|---|---|
| Born | December 21, 1937 Leningrad, Soviet Union |
| Died | May 11, 2025 (aged 87) |
| Occupation(s) | Banker, politician |
| Known for | Chairman of the State Bank of the USSR; Governor of the Bank of Russia; Chairman of Yukos; State Duma deputy |
Viktor Vladimirovich Gerashchenko (; 21 December 1937 – 11 May 2025), also known by the moniker Heracles (), served as Chairman of the State Bank of the USSR and later as Governor of the Bank of Russia throughout the Perestroika era and its aftermath.
Life and career
Gerashchenko was born in Leningrad and benefited from his father's influential position within Soviet banking, which accelerated his career progression. At just 28 years old, he assumed leadership of Moscow Narodny Bank in London, marking the first Soviet banking institution established abroad. In 1982, he transitioned to Vneshtorgbank, where he managed aspects of Soviet foreign trade. By 1989, he was appointed chairman of the USSR State Bank, becoming its final leader prior to the Soviet Union's collapse. Subsequently, he headed the Bank of Russia during a period marked by significant economic upheaval.
During the 1990s, Vnesheconombank (VEB) controlled substantial Kremlin financial resources. Gerashchenko highlighted that VEB functioned without a central banking license and was not subject to Central Bank regulation because of its role in managing state debt.
His period as Central Bank governor attracted controversy: allegations arose accusing him of unlawfully financing anti-reform groups amid the 1993 Russian Constitutional Crisis. Furthermore, he faced criticism for the severe ruble depreciation on "Black Tuesday" in 1994, when the currency plunged by 24% within a single day. Economist Jeffrey Sachs famously described him in 1995 as "the worst central banker in the world."
After resigning in 1994, Gerashchenko returned following the 1998 Russian financial crisis to guide swift economic stabilization. Known for his incisive humor, he became a familiar figure through frequent television appearances. In March 2002, citing his age, he stepped down once more and took on the role of chairman at the oil company Yukos. Later, he co-led the Rodina party and was elected to the State Duma, serving from 2003 until 2007.
Gerashchenko passed away on 11 May 2025 at age 87 after battling a long illness.
2004
In the 2004 Russian presidential election, Gerashchenko entered the race.
Initially regarded as a secondary candidate supporting Rodina leader Sergey Glazyev, internal divisions arose when Rodina selected Gerashchenko over Glazyev. Ultimately, Gerashchenko was disqualified by the Central Election Commission on a technicality—a ruling later upheld by the Supreme Court.
2008
He contemplated standing as an opposition contender in the 2008 Russian Presidential election but ultimately chose not to pursue candidacy.
Honours and awards
- Order "For Merit to the Fatherland", 3rd class
- Order "For Merit to the Fatherland", 4th class
- Order of Honour
- Order of the Red Banner of Labour
- Order of Friendship of Peoples
- Medal "For Labour Valour"
- Jubilee Medal "In Commemoration of the 100th Anniversary of the Birth of Vladimir Ilyich Lenin"
- Jubilee Medal "300 Years of the Russian Navy"
- Medal "In Commemoration of the 850th Anniversary of Moscow"