State Corporation (russian: Государственная корпорация lit. ''Gosudarstvennaya Korporatsiya'') is a non-membership non-commercial organization, a type of
legal entity
In law, a legal person is any person or 'thing' (less ambiguously, any legal entity) that can do the things a human person is usually able to do in law – such as enter into contracts, sue and be sued, own property, and so on. The reason for ...
in
Russia
Russia (, , ), or the Russian Federation, is a transcontinental country spanning Eastern Europe and Northern Asia. It is the largest country in the world, with its internationally recognised territory covering , and encompassing one-eig ...
introduced in 1999 (Article 7.1, NCO Law). Each state corporation is created by a separate Russian federal law.
These state corporations are
non-profit
A nonprofit organization (NPO) or non-profit organisation, also known as a non-business entity, not-for-profit organization, or nonprofit institution, is a legal entity organized and operated for a collective, public or social benefit, in co ...
s established only under a federal law and are different from all the other organizations referred to in the mass media as "state corporations". They are regulated by bespoke legislation. According to the law, a state corporation is wholly owned by the Russian Federation directly, bypassing the
Federal Agency for State Property Management
The Federal Agency for State Property Management (Rosimushchestvo) () is a subdivision of the Russian Ministry of Economic Development that manages Russia's federal state property.
History
The agency was formed by a presidential decree, No.314, ...
.
For example, VEB was used as an off-budget funding vehicle for the state's special projects. VEB is overseen by a nine-member board that puts Dmitriyev together with seven government ministers and a representative of the Kremlin. An opaque organization held firmly controlled by President Vladimir Putin, Vneshekonombank (VEB) was used to finance the Winter Olympics in Sochi and extend Russian financial influence in Ukraine.
Full list of State corporations
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Deposit Insurance Agency
Deposit Insurance Agency (DIA) (russian: Агентство по страхованию вкладов (АСВ)) is a Russian state corporation (non-profit organization) established in January 2004 to manage operation of the deposit insurance sy ...
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VEB.RF
VEB.RF, or VEB (russian: ВЭБ.РФ (ex-Vnesheconombank)), is a Russian state development corporation. It was founded in 2007 as a development institute. VEB.RF is an investment company and development institute in Russia. It has financed more t ...
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Fund of Housing and Communal Services Development Cooperation
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SC Olympstroy
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Rostec (formerly, Russian Technologies State Corporation - «Rostechnologii»)
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Rosatom
Rosatom, ( rus, Росатом, p=rɐsˈatəm}) also known as Rosatom State Nuclear Energy Corporation, the State Atomic Energy Corporation Rosatom or Rosatom State Corporation, is a Russian state corporation headquartered in Moscow that speciali ...
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Roscosmos
The State Space Corporation "Roscosmos" (russian: Государственная корпорация по космической деятельности «Роскосмос»), commonly known simply as Roscosmos (russian: Роскосмос) ...
Former State corporations
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Rusnano
Rusnano Group (russian: Роснано АО, lit=Rosnano plc.) is a Russian state-established and funded company. The Rusnano Group's mission is to create competitive nanotechnology-based industry in Russia. Rusnano invests directly and through i ...
(now re-registered as
Open joint-stock company)
See also
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State corporation
A state-owned enterprise (SOE) is a government entity which is established or nationalised by the ''national government'' or ''provincial government'' by an executive order or an act of legislation in order to earn profit for the government ...
(generically)
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Types of business entity#Russia
References
{{reflist, 2
Sources
State Corporation goes for flow
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Corporations
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