Sergei Storchak

Sergei Anatolievich Storchak (Russian: Серге́й Анатольевич Сторча́к; born 8 June 1954)[1] is a Deputy Finance Minister of Russia. Storchak was born in Olevsk, Zhytomyr Oblast, Ukraine SSR, and became one of Russia's three deputy finance ministers in November 2005. He specialized in international financial relations, and was a prominent figure in negotiations over paying off Soviet-era debt. He negotiated Russia's repayment of its debt to the Paris Club of creditor nations, which it completed last year.[2] In April 2009, he was charged with attempted fraud and embezzlement of state funds.[3]

In this Eastern Slavic name, the patronymic is Anatolievich and the family name is Storchak.
Sergei Storchak
Серге́й Сторча́к
Deputy Finance Minister of Russia
Assumed office
November 2005
Personal details
Born
Sergei Anatolievich Storchak

(1954-06-08) 8 June 1954
Olevsk, Zhytomyr Oblast, Ukrainian SSR, Soviet Union
(now Ukraine)
NationalitySoviet / Russian
Political partyNo affiliation

Fraud charges

Detention

On 15 November 2007, Storchak was detained by the Russian police as a part of a criminal investigation. "The detention took place outside the ministry. It may be related to criminal cases against a third party, not finance ministry officials," the ministry said in a statement.[4] Prosecutors later confirmed the detention of Storchak and two businessmen on suspicion of "attempting large-scale embezzlement from the Russian state budget through fraud".[5] In autumn 2009, he was released from custody and put on a travel ban.[6]

Criminal investigation

In April 2009, Storchak was charged with attempted fraud, 18 months after his detention.[3] "It may be said without exaggeration that the best finance and economy experts, including the incumbent and former finance minister deputies, were involved in a plan in recent years to embezzle large amounts of state funds," said Alexander Bastrykin, the head of the Investigation Committee at the Prosecutor's Office.[7] If convicted, Storchak faces between five and 10 years in prison.[6] On 31 January 2011, Russia's Investigative Committee announced that all charges had been dropped against Storchak, for lack of evidence.[8]

Reactions

Some analysts have speculated that Storchak's case may be a sign of power struggle within the Kremlin between free-market liberals like Russian Finance Minister Alexei Kudrin and conservative elements favoring a greater role for the state in the economy.[3]

Notes
  1. Сергей Анатольевич Сторчак Archived 24 October 2007 at the Wayback Machine Official website of the Ministry of Finance of RF.
  2. Russian Deputy Finance Minister Detained Associated Press, 16 November 2007. Archived 22 November 2007 at the Wayback Machine
  3. "Russian finance official Storchak charged with attempted fraud". RIA Novosti. 16 April 2009. Retrieved 4 August 2009.
  4. Russian police detain deputy finance minister Reuters, 16 November 2007.
  5. Prosecutors confirm detention of Russian Deputy Finance Minister Storchak Archived 22 November 2007 at the Wayback Machine Interfax, 17 November 2007.
  6. "Russian court dismisses finance official's complaint - paper". RIA Novosti. 4 August 2009. Retrieved 4 August 2009.
  7. "Russian investigator accuses deputy finance ministers of fraud". RIA Novosti. 12 February 2009. Retrieved 4 August 2009.
  8. "The decline of siloviki and the rise of the medvedev tandem". Russia Other Points of View. 22 February 2011. Retrieved 9 March 2011.
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