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Russian Banking Exec Suddenly Dies After Losing 90 Percent of Profits
Nick Mordowanec
Nov 28, 2023 at 3:25 PM EST
https://www.newsweek.com/russian-banking-exec-suddenly-dies-after-losing-90-percent-profits-1847700

The sudden death of a Russian banking executive has drawn comparisons to past mysterious deaths of individuals in President Vladimir Putin’s orbit.

The number of deaths deemed as sudden or mysterious has increased since Russia’s February 2022 invasion of Ukraine.

Fatalities among multiple business people and military officials have been linked to the Russian president and the Kremlin due to the economic struggles tied to international sanctions over the regional conflict that last week passed 21 months.

Such deaths have included both men and women purportedly falling out of windows, including some who were outspoken about Russia’s invasion and openly criticized Putin and his regime.

Others have been found dead in office buildings or in bodies of water. The Sun, a U.K. publication, estimates that more than 30 high-profile Russians have died since February 2022.

Nikolai Vasev, now formerly senior vice president of Russia’s largest financial institution, Sberbank, died at age 42 due to what the company described in a statement as a heart attack. The death was described as “untimely.”

“It is with deep regret that we inform you that today Nikolai Vasev, senior vice president, head of the B2C Customer Experience Development block of Sberbank, suddenly passed away,” a statement from the bank read.

“The bank’s management and colleagues mourn the untimely death and express deep condolences to the family and loved ones of Nikolai Vasev.”

Vladimir Putin Sberbank Russia Ukraine Sanctions
Russian President Vladimir Putin in Sochi, Russia, on November 28, 2023. The sudden death of a Russian banking executive has sparked new rumors due to the number of high-profile deaths in the country since its February 2022 invasion of Ukraine.

Vasev was reportedly promoted into his senior position in December 2022 and had overseen Sberbank’s private clients and properties for the preceding 12 years, according to Vox News Albania.

But the bank has reportedly faced a hard financial stretch since Putin’s invasion, causing an estimated 90 percent drop in profits resulting from innumerable sanctions imposed on Russian institutions by the European Union—some of the harshest sanctions imposed on any one country in the entire world.

Western sanctions against Russia have surpassed 14,500, according to U.S. think tank the Atlantic Council, including roughly 70 percent (10,173) of which are against individuals and another 28 percent (4,089) against entities like Sberbank. The sanctions were intended to put Russia’s economy in turmoil in retaliation for invading Ukraine.

Continued reports of Russian citizen dissatisfaction towards the war due to their own financial circumstances resulted in Russia’s Central Bank hiking interest rates at an emergency meeting in August, from 8.5 percent to 12 percent.

In late October, the bank announced another rate increase to 15 percent per annum, saying that “a long period of maintaining tight monetary conditions in the economy” will be required.

Last week, Putin’s billionaire ally and “favorite oligarch” Oleg Deripaska warned on his Telegram channel that a general drop in commodity prices, including those that Russia exports, will cause the economy to “hit the ice.”

On November 17, with the ruble already paling in comparison to the U.S. dollar, Russian lawmakers approved a 2024 budget of 36.66 trillion rubles ($411 billion) that includes a record amount allocated for defense spending.

On Monday, Putin approved the purchase of the Russian assets of U.S. construction manufacturer Caterpillar by Russia’s PSK-New Solutions, owned by former Sberbank executives, according to Reuters. Details of the value of Caterpillar’s Russian business were not disclosed.