Since June 10, 2002, Andrey Kostin has served as the President and Chairman of the Board of VTB Bank. Born in 1956 in Moscow, his career spans several decades across the Soviet and Russian financial sectors, transitioning from a background in diplomacy to managing state-owned banking institutions and leading national infrastructure boards.
Diplomatic and Early Career
Kostin graduated from the Moscow State University Faculty of Economics in 1979 with a degree in political economy. He began his professional life at the USSR Ministry of Foreign Affairs, serving as an employee of the consulate general in Sydney, Australia, until 1982. Following this, he functioned as Secretary of the European Department within the Ministry. Between 1985 and 1990, he worked at the USSR Embassy in Great Britain, where he focused on economic issues. He returned to the Ministry as an advisor and First Secretary until 1992.
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Kostin assumed the role of President and Chairman of the Board of VTB in 2002. His leadership role expanded into the regulatory and industrial sectors, where he served on the supervisory board of Post Bank. Between 2006 and 2017, he presided over the Financial and Banking Council of the Commonwealth of Independent States. In August 2023, he was elected as the Chairman of the Board of Directors of the United Shipbuilding Corporation.
Sanctions and Legal Proceedings
Beginning in April 2018, Kostin faced a series of international sanctions imposed by the United States, Canada, and Ukraine. Following the 2022 invasion of Ukraine, he was added to sanctions lists by the European Union, Japan, Switzerland, New Zealand, and Australia. In February 2024, the United States Department of Justice charged Kostin with violating these sanctions and money laundering, alleging the use of shell companies to maintain luxury assets in Aspen and manage superyachts.
Public Accusations and Scrutiny
In 2019, various investigations surfaced regarding Kostin’s personal expenditures. Media reports and investigations by the FBK organization alleged that he provided luxury assets, including real estate and the use of a business jet, to television journalist Nailya Asker-zade. In response to related coverage in the Vedomosti newspaper, authorities utilized court orders to block approximately 1000 online publications. Kostin has declined to comment on these specific allegations.
Fast facts
- Born: 1956, Moscow
- Education: Moscow State University Faculty of Economics
- Primary Employer: VTB Bank
- Diplomatic Experience: USSR Ministry of Foreign Affairs
- Languages: English, Russian
- Award: Order of the Star of Italy
- Current Position: Chairman of the Board of Directors, United Shipbuilding Corporation
Questions readers ask
What is Andrey Kostin's current role at VTB?
He serves as the President and Chairman of the Board of VTB Bank, a position he has held since June 2002.
Has Kostin faced international legal charges?
Yes. In February 2024, the United States Department of Justice charged him with money laundering and violating American sanctions.
Achievements
- Order of Honour
- Knight of the National Order of Merit
- National Order of Merit
- Affiliated with VTB Bank and Ministry of Foreign Affairs of the USSR
- Educated at Moscow State University Faculty of Economics
