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Viktor Gerashchenko

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Viktor Gerashchenko
Виктор Геращенко
Gerashchenko in 1994
Governor of the Central Bank of Russia
In office
11 September 1998 – 20 March 2002
Preceded bySergey Dubinin
Succeeded bySergey Ignatyev
In office
4 November 1992 – 18 October 1994
Preceded byGeorgy Matyukhin
Succeeded byTatyana Paramonova (acting)
Sergey Dubinin
Chairman of the USSR State Bank
In office
3 August 1989 – 26 December 1991
Preceded byNikolay Garetovsky
Succeeded byOffice disestablished
Member of the State Duma
In office
2003–2007
Personal details
Born(1937-12-21)21 December 1937
Leningrad, Russian SFSR, Soviet Union
Died11 May 2025(2025-05-11) (aged 87)
Moscow, Russia
Political partyCommunist Party of the Soviet Union (1963—1991)
Rodina
Alma materMoscow Finance Institute
AwardsOrder of the Red Banner of Labour
Order of Friendship of Peoples
Order of Honour
Order "For Merit to the Fatherland" 3rd, 4th class

Viktor Vladimirovich Gerashchenko (Russian: Ви́ктор Влади́мирович Гера́щенко; 21 December 1937 – 11 May 2025), nicknamed Heracles (Russian: Геракл), was the Chairman of the State Bank of the USSR, then Governor of the Bank of Russia during much of the Perestroika and post-Perestroika periods.

Biography

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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 chairman of the State Bank.[1] 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 first Soviet bank abroad, Moscow Narodny Bank, based in London.

In 1982, Gerashcheko moved to work in the Vneshtorgbank, responsible for Soviet foreign trade. Seven years later he was appointed chairman of the Board of the USSR State Bank. In 1989, Gerashchenko became the last chairman 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."[2]

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."[3]

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.

Gerashchenko signing rouble banknotes after resigning from the Central Bank Governor's office

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.[4]

Gerashchenko died at the age of 87 on 11 May 2025 following a severe and prolonged illness.[5]

Presidential candidacies

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2004

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Gerashchenko in 2010

Gerashchenko ran in the 2004 Russian presidential election.

He was originally believed to have been acting as a back-up candidate to Rodina leader Sergey Glazyev, in case something were to prevent Glazyev from running.[6] However, a divide between Glazyev and Geraschchenko became apparent when Rodina nominated Geraschchenko for president instead of Glazyev.[7]

Geraschenko was ultimately refused registration by the Central Election Commission due to a technicality.[7] The Supreme Court upheld his disqualification.[7]

2008

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Four years later, he considered running as an opposition candidate in the 2008 Russian Presidential election.[8]

Honours and awards

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Gerashchenko receiving Order "For Merit to the Fatherland", 4th class, from President Vladimir Putin

References

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Wikimedia Commons has media related to Viktor Gerashchenko.
  1. ^ Кротов, Николай (Krotov, Nikolai) [in Russian]. ""Путь Геракла : история банкира Виктора Геращенко, рассказанная им Николаю Кротову" – читать" [The Way of Hercules (debacle): the story of the banker Viktor Gerashchenko, told by him to Nikolai Krotov]. knigosite.org (in Russian). Archived from the original on 19 March 2022. Retrieved 7 April 2022.{{cite web}}: CS1 maint: multiple names: authors list (link)
  2. ^ Наталья, Морарь (Morar, Natalia) (10 December 2007). "«ЧЕРНАЯ КАССА» КРЕМЛЯ" [THE KREMLIN'S BLACK CASH REGISTER]. The New Times (in Russian). Retrieved 13 September 2022. «У Внешэкономбанка нет лицензии ЦБ на банковскую деятельность. Она ему и не нужна, поскольку никаких коммерческих операций он не проводит, — говорит бывший глава Банка России. — В связи с отсутствием лицензии это единственный российский банк, который Центробанк не проверяет — не имеет права».{{cite news}}: CS1 maint: multiple names: authors list (link)
  3. ^ "Who's Who in Primakov's New Russian Government". 21 February 2006. Archived from the original on 2006-02-21.
  4. ^ "Лента новостей". www.afn.by.
  5. ^ Экономист и банкир Виктор Геращенко скончался на 88-м году жизни (in Russian)
  6. ^ "RUSSIAN ELECTION WATCH Vol.3, No.4" (PDF). www.belfercenter.org. Harvard University (Belfer Center for Science & International Affairs, Davis Center for Russian & Eurasian Studies) and Indiana University-Bloomington. January 2004. Retrieved October 29, 2018.
  7. ^ a b c "RUSSIAN ELECTION WATCH Vol.3, No.5" (PDF). www.belfercenter.org. Harvard University (Belfer Center for Science & International Affairs, Davis Center for Russian & Eurasian Studies) and Indiana University-Bloomington. February 2004. Retrieved October 29, 2018.
  8. ^ "Документ не найден". 25 May 2011. Archived from the original on 2011-05-25.
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