Thursday, May 18, 2017
VEB, a Russian state-run bank under scrutiny by U.S. investigators, financed a deal involving Donald Trump's onetime partner in a Toronto hotel tower at a key moment for the project in 2010, according to people familiar with the transaction, the Wall Street Journal reported Wednesday. Trump's partner, Russian-Canadian developer Alexander Schnaider, pumped money into Trump's Toronto hotel after selling his company's share in a Ukrainian steelmaker. The Russian bank Vnesheconombank (VEB) provided the money for the sale, according to the Journal -- a transaction worth about $850 million. The buyer has not been publicly identified, but two sources familiar with the matter told the Journal that the money was provided by an entity acting on behalf of the Russian government.
Federal investigators are looking into Trump and his associates' ties with Russian financial institutions, including VEB, which is currently under Ukraine-related sanctions. Trump senior adviser and son-in-law Jared Kushner reportedly met with the chairman of VEB in December.
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