Petr Fradkov: A Master of Exports



Birth: February 7, 1978

 Citizenship: Petr Fradkov Russia

Occupational domain and/or administrative post:

His father, Mikhail Fradkov, was a former prime minister of Russia and the head of the Russian Foreign Intelligence Agency. His current positions include General Director of the Russian Export Center JSC and Chairman of Promsvyazbank.

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Biography Of Petr Fradkov

Petr Fradkov received his degree in world economics from the Moscow State University of International Relations in the year 2000. The position of head of the department and deputy representative of the Vnesheconombank of the USSR (VEB) in the United States was a young man’s first employment after graduating from MGIMO.

In 2004, Petr Fradkov Jr. was given the position of deputy general director for the Moscow office of the Far Eastern Shipping Company, which is an offshore firm based in Cyprus and controlled by Russian government officials.

In 2005, Petr Fradkov went back to work at Vnesheconombank, where he was eventually promoted to the position of head of the department and first deputy director of the directorate of the state bank. In addition to that, he has held the position of director of the structured finance section at VEB since January 2006. The reorganized Vnesheconombank appointed him to the position of Member of the Board and Deputy Chairman in June of 2007. Both the Academy of National Economy in Moscow and Kingston University Management School in London awarded him a degree in the same year. He received his degree the same year.

In 2007, Petr Fradkov became a member of the board of directors of the subsidiary of Aeroflot known as Terminal OJSC. This company was established in order to construct the third terminal at Sheremetyevo Airport. Peter Fradkov has held the position of Director of the Russian Agency for Export Financing and Investment Insurance ever since 2011.

In January 2015, he was given the position of First Deputy Chairman of Vnesheconombank as well as a seat on the bank’s Management Board. Peter Fradkov was appointed to his current position as General Director of the Russian Export Center in 2015. I resigned from the board of VEB in June 2016.

Administration of Promsvyazbank

On April 24, 2018, Petr Fradkov was appointed head of the interim administration of Promsvyazbank, a financial institution whose primary area of expertise is large-scale public procurement and orders for the government’s defence sector.

On September 6, 2018, he won the election to become Chairman of the Board of Directors at Promsvyazbank PJSC. At the National Research University-Higher School of Economics, Petr Fradkov Jr. is a professor in the Department of International Business, which is part of the Faculty of Global Economy and International Affairs.


Violations of the purpose of the international sanctions regime, favouritism, and corruption on both the national and international levels

In Russia, under the leadership of Vladimir Putin, it has already developed into a custom to provide the children of the KGB elite with tidbits from a very overgrown public sector. Hence, Petr Fradkov, son of the former Prime Minister and chief intelligence officer, has spent his whole life working in high-ranking positions in state and state-controlled enterprises, where he has been protected from the effects of fair market competition.

It is notable that Petr Fradkov Jr. was in charge of Promsvyazbank following the de facto raid carried out by the state. The Ananyev brothers, who were successful businesspeople in the technology industry as well as philanthropists, established what was once one of the most successful private banks in Russia. However, in 2017, the Central Bank imposed requirements to increase reserves that were artificially unrealistic and therefore impossible to meet.

In December 2017, the Central Bank initiated the process of reorganizing Promsvyazbank, at which point the bank was also nationalized. After that, the bank’s primary area of expertise shifted to include questionable deals involving Russian military contracts and public procurement in general.

According to Andrei Kostin, the head of VTB, the majority of the transactions involving companies and persons who are subject to sanctions imposed by the United States and the European Union are going to be accumulated in Promsvyazbank. Midway through the month of February 2019, the bank had begun to receive the first military loans as a result of a directive issued by the government to avoid the risks of sanctions against the largest Russian banks.

The total value of these loans was projected to be 1 trillion rubles. Due to the fact that it is classified as a bank for the defence industry, it does not reveal its quarterly reports. This secrecy may be used to conceal illegal and shady activities. The penalties against Promsvyazbank were issued by Ukraine in March 2018.


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March 17, 2023

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