Special Bank for the defensive will be headed by the son of ex-Prime Minister Fradkov

Promsvyazbank, through which operations will go to finance the state defense order in the conditions of sanctions, will be headed by Peter Fradkov, the son of the ex-head of the SVR and ex-Prime Minister Mikhail Fradkov, Kommersant reports.

Promsvyazbank is now on rehabilitation in the Consolidation Fund of the banking sector. “I received an offer to head Promsvyazbank and agreed,” said Fradkov. “I am already taking part in the active work carried out by the Government of the Russian Federation and the Central Bank of Russia, to prepare the regulatory framework for transferring (there) within the established deadlines of the state defense order.”

Peter Fradkov is the son of the ex-head of the foreign intelligence service and ex-chairman of the Government of the Russian Federation Mikhail Fradkov. Since 2005 he worked in Vnesheconombank and its structures. Since January 2015, Peter Fradkov has been heading the "daughter" of Vnesheconombank - the Russian Export Center (REC), is part of the board of directors of RosEximbank. This structure was created for state support for non -resource exports and the provision of financial and organizational support to exporters.

According to experts, at least 350-400 billion rubles are required to close the “hole” and the bank's pre-capitalization for new purposes. According to the Central Bank, Promsvyazbank will be preceded and transferred to the property of the Russian Federation during the first quarter of 2018.

The interlocutors of Kommersant, familiar with Peter Fradkov, indicate that he knows well the features of working with the Russian defense industry. So, in the REC, Fradkov was engaged in industrial export issues among other things.