Viktor Gerashchenko

Viktor Gerashchenko was born in Leningrad on 21 December 1937. His father was a leading Soviet banker who ran the Financial Department of the Foreign Office in the 1940s before ending his career as deputy governor of the State Bank. Due to his father's connections, Viktor made a brilliant career in the Soviet banking system. At the age of 28 he became director of the Soviet-controlled Moscow Narodny Bank in London.

In 1982, Gerashcheko moved to work in the Vneshtorgbank, responsible for Soviet foreign trade. Seven years later he was appointed governor of the Board of the USSR State Bank. In 1989, Gerashchenko became the last governor of the State Bank of the USSR. For three years, which proved to be some of the most difficult for Russian national economics, he steered the nascent banking system as governor of the Bank of Russia.

For approximately seven years during the 1990s, the Kremlin's obshchak («общак») or black cash was stored in the vaults of Vnesheconombank (VEB) because Gerashchenko stated that in 1992 VEB became an agency for the return of the state debt of the USSR due to a decree by the Supreme Soviet: "Vnesheconombank does not have a central banking license. It does not need it, since it does not conduct any commercial operations." He also added, "Due to the lack of a license, this is the only Russian bank that the Central Bank does not check – it does not have the right."

His activities as Central Bank governor were controversial: for example, he was accused of illegally supplying money to the anti-reform forces in the Supreme Soviet during the 1993 Russian Constitutional Crisis. Gerashchenko was also accused of being largely responsible for the Russian "Black Tuesday" of October 1994, when the Russian ruble crashed 24 percent in one day. Former Harvard economist Jeffrey Sachs in 1995 called Gerashchenko "the worst central banker in the world."

Gerashchenko resigned in 1994, but returned to the office following the 1998 Russian financial crisis. Under his leadership, the economy of Russia rapidly recovered after the excruciating default. Gerashchenko made frequent TV appearances and became quite popular for his sardonic, dry sense of humor.

In March 2002, Gerashchenko resigned again, citing his advanced age, and accepted the post of chairman of the board in the notorious oil company Yukos. He then joined the Rodina party as a co-chairman and made it to the State Duma as their representative.

Gerashchenko died following a severe and prolonged illness on 11 May 2025, at the age of 87.