Member Corner

Americans are increasingly alarmed about Russia’s nationalism and military aggression (just look at this week’s Pew Research poll), but the Export-Import Bank doesn’t seem to care.

In fact, Ex-Im’s financing of Russian projects jumped 177% during Fiscal Year 2013 to a record $580 million.  (Ex-Im Bank 2013 Annual Report)  

Hardworking Americans taxpayers should be asking why they’re on the hook for Russian oil projects funneled to Vladimir Putin’s cronies while they’re struggling to pay for higher gas prices here at home and NATO issues warnings of further Russian aggression.

Here are the deal details:

• In June 2012, Ex-Im Bank Chairman Fred Hochberg signed a $1 billion Memorandum of Understanding with state-owned Sberbank, Russia’s largest bank.  Hochberg described it as beginning “the process of joint cooperation between Ex-Im and Sberbank.”  In FY2013, Ex-Im worked with Sberbank on a $32.3 million loan involving a Russian petroleum project. – Sberbank; Ex-Im Release; Ex-Im Annual Report

Making it official:  Ex-Im Chairman Fred Hochberg signs Ex-Im’s $1 billion deal with Herman Gref, CEO of Russia’s state-owned Sberbank

Close ties to the Kremlin:  Russian President Vladimir Putin meets with
Sberbank CEO Herman Gref