Putin Convenes with Igor Shvalov, Chairman of VEB.RF
VEB.RF, under the leadership of Igor Shuvalov, is working on several key projects and strategies aimed at bolstering Russia's technological capabilities and advancing import substitution.
Technological Leadership
In an effort to achieve global leadership, VEB.RF is focusing on developing and supporting projects related to drone technology. Igor Shuvalov noted that Russia has the preconditions to achieve global leadership in Unmanned Aerial Vehicles (UAVs) [3].
President Vladimir Putin emphasized the importance of supporting original Russian technological projects, which VEB.RF is prioritizing. This includes focusing on domestic developments and organizing production on Russian platforms [2][5].
Import Substitution and New Technology Agenda
To shape a new technology agenda and focus on import substitution, VEB.RF is conducting an audit of all support measures related to the technology agenda. This audit, instructed by Putin during the St. Petersburg Economic Forum, is part of their efforts in shaping a new technology agenda [4].
VEB.RF oversees six entities in the technology domain, including those involved in import substitution. As of the first half of 2025, VEB’s business was valued at 7.5 trillion rubles, indicating significant investment in these areas [4].
Strategies
VEB.RF works with private banks to form syndicates, a common practice among development banks. This strategy helps in financing large-scale projects and supporting promising ventures [4].
By focusing on technological advancements and import substitution, VEB.RF aims to diversify Russia's economy and reduce dependence on foreign technologies [5].
Success Stories
VEB.RF's efforts are already bearing fruit. VEB has successfully replaced imported 5G base station equipment, and industrial production of these base stations is now happening in Shuya [1]. Russian-made car transmissions, vehicle components, trains, and more are being produced due to VEB's support [2].
Moreover, VEB is assembling a project for technological leadership in unmanned aviation [1].
Overall, VEB.RF's strategies are centered on promoting domestic innovation and reducing reliance on foreign technologies, aligning with Putin's vision for Russia's economic and technological independence.
- VEB.RF, in collaboration with private banks, applies a strategic approach of forming syndicates, contributing to the financing of significant projects and the support of emerging ventures within the realm of technology, business, and finance.
- In line with the national agenda, VEB.RF's focus on technology is not only limited to drone development but extends to various sectors, with the ultimate goal of replacing imported technologies and elevating Russia's global standing in technology, finance, and business.
