Russia's VEB said to plan appeal for $16bn

Russia's state development bank Vnesheconombank (VEB), still emerging from a bailout it needed after international sanctions, is now preparing to ask for another infusion to help fund Vladimir Putin's latest ambitions, sources said.

VEB is looking for $16 billion over the next five years to cover the cost of subsidising interest rates for infrastructure and other projects that the Russian president made a cornerstone of his re-election campaign this spring.

The latest push for more funding follows a leadership shakeup in May, when Putin installed longtime lieutenant Igor Shuvalov as VEB's new chief.