# German Gref

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{{short description|Russian economist (born 1964)}}
{{Family name hatnote|Oskarovich|Gref|lang=Eastern Slavic}}
{{Infobox officeholder
| name            = German Gref
| native_name     = {{nobold|Герман Греф}}
| image           = Герман Греф на ПМЭФ-2023 (cropped).jpg
| caption         = Gref in 2023
| office1         = Chairman and [CEO](/source/CEO) of [Sberbank](/source/Sberbank)
| term_start1     = November 2007
| term_end1       =
| predecessor1    = Andrey Kazmin
| successor1      = 
| office2         = [Minister of Economic Development and Trade](/source/Ministry_of_Economic_Development_(Russia))
| prime_minister2 = [Mikhail Kasyanov](/source/Mikhail_Kasyanov)<br/>[Viktor Khristenko](/source/Viktor_Khristenko) (acting)<br/>[Mikhail Fradkov](/source/Mikhail_Fradkov)<br/>[Viktor Zubkov](/source/Viktor_Zubkov)
| term_start2     = 18 May 2000
| term_end2       = 21 September 2007
| predecessor2    = [Andrei Shapovalyants](/source/Andrei_Shapovalyants)
| successor2      = [Elvira Nabiullina](/source/Elvira_Nabiullina)
| birth_name      = 
| birth_date      = {{birth date and age|1964|2|8}}
| birth_place     = [Panfilovo](/source/Panfilovo%2C_Pavlodar_Region), [Pavlodar Region](/source/Pavlodar_Region), [Kazakh SSR](/source/Kazakh_SSR), [Soviet Union](/source/Soviet_Union)
| death_date      = 
| death_place     = 
| spouse          = {{unbulleted list
 |Yelena Gref
 |{{marriage|Yana Golovina|2004}}
}}
| signature       = Signature of German Gref.png
| children        = 4
| party           = [Independent](/source/Independent_politician)
| other_party     = [Communist Party of the Soviet Union](/source/Communist_Party_of_the_Soviet_Union) (until 1991)
| alma_mater      = [Omsk State University](/source/Omsk_State_University)<br>[Leningrad University](/source/Leningrad_University) 
}}

'''German Oskarovich Gref''' ({{langx|ru|Герман Оскарович Греф|translit=German Oskarovich Gref}}; born February 8, 1964) is a Russian politician and banker. He was the [Minister of Economics and Trade](/source/Ministry_of_Economic_Development_(Russia)) of Russia from May 2000 to September 2007. He has the federal state civilian service rank of [1st class Active State Councillor of the Russian Federation](/source/1st_class_Active_State_Councillor_of_the_Russian_Federation).<ref>{{cite act|type=Decree|index=654|date=10 April 2000|legislature=[President of Russia](/source/President_of_Russia)|title=О присвоении квалификационных разрядов федеральным государственным служащим Министерства государственного имущества Российской Федерации|language=ru|url=http://pravo.gov.ru/proxy/ips/?searchres=&bpas=cd00000&a3=102000503&a3type=1&a3value=&a6=102000070&a6type=1&a6value=&a15=&a15type=1&a15value=&a7type=1&a7from=&a7to=&a7date=10.04.2000&a8=654&a8type=1&a1=&a0=&a16=&a16type=1&a16value=&a17=&a17type=1&a17value=&a4=&a4type=1&a4value=&a23=&a23type=1&a23value=&textpres=&sort=7&x=62&y=13}}</ref>

He is the CEO and chairman of the executive board of [Sberbank](/source/Sberbank), the largest Russian bank.

==Education and early career==
German Gref was born in [Panfilov, Pavlodar Region](/source/Panfilov%2C_Pavlodar_Region), [Kazakh Soviet Socialist Republic](/source/Kazakh_Soviet_Socialist_Republic) (now [Kazakhstan](/source/Kazakhstan)) into a family of [ethnic German](/source/Germans_of_Kazakhstan) deportees who were exiled there in 1941.<ref>{{Cite web |title=Герман Греф биография, фото, карьера, личная жизнь |url=https://www.rbc.ru/person/617ff5869a79477a04f8c78a |access-date=2025-03-06 |website=РБК |language=ru}}</ref> Later Gref was involved in the return of exiled Germans to Russia - with his assistance an entire German village called Strelna was built near St. Petersburg.

There are two versions of what Gref did after graduation. According to one of them, Gref entered the faculty of international economic relations at [MGIMO](/source/Moscow_State_Institute_of_International_Relations) of the [Ministry of Foreign Affairs of the USSR](/source/Ministry_of_Foreign_Affairs_(Soviet_Union)), but after the first year he was expelled from the university. According to the other version, after school Gref and his first wife, Elena Velikanova, entered Omsk State University, but failed the exams.

From 1981 to 1982, he worked as a legal advisor for the [Irtysh District](/source/Ertis_District) Department of the [Pavlodar Region](/source/Pavlodar_Region).

From 1982 to 1984, Gref served in the [Soviet Army](/source/Soviet_Army).

After fulfilling two years of military service, he studied law at [Omsk State University](/source/Omsk_State_University) in [Siberia](/source/Siberia) from 1985 to 1990.

After that he enrolled in the post-graduate program at the [Law Department](/source/Saint_Petersburg_State_University_Faculty_of_Law) of [St. Petersburg State University](/source/Saint_Petersburg_State_University). He graduated in 1993 under the guidance of [Anatoly Sobchak](/source/Anatoly_Sobchak). However, he did not defend his dissertation until 2011.  From 1992 to 1998 Gref worked on several positions at the [Saint Petersburg City Administration](/source/Saint_Petersburg_City_Administration), notably a term as vice-governor from 1997 to 1998.  He became a friend and ally of [Vladimir Putin](/source/Vladimir_Putin) during this period; he also made acquaintance with Alexei Kudrin, [Dmitry Kozak](/source/Dmitry_Kozak), and [Dmitry Medvedev](/source/Dmitry_Medvedev).<ref>{{Cite web|title=Греф, Герман Президент и председатель правления Сбербанка России|url=https://lenta.ru/lib/14159770/|access-date=2021-11-25|website=lenta.ru}}</ref>{{Better source needed|reason=The current source is insufficiently reliable ([WP:NOTRS](/source/WP%3ANOTRS)).|date=May 2025}}<ref name="ft2022">
{{cite news |last1=Seddon |first1=Max |last2=Ivanova |first2=Polina |date=December 16, 2022 |title=How Putin's technocrats saved the economy to fight a war they opposed |url=https://www.ft.com/content/fe5fe0ed-e5d4-474e-bb5a-10c9657285d2 |work=The Financial Times |location= |access-date=December 20, 2022}}</ref>

==Ministerial career==
===Deputy Minister of State Property (1998-2000)===
In August 1998, Gref was appointed First Deputy Minister of State Property of the Russian Federation, and was a member of its board until 2000.{{efn|His nickname was "Gustav Osmanych" ({{langx|ru|"Густав Османыч"}}).<ref>{{cite news |last=Кириленко |first=Анастасия (Kirilenko, Anastasia) |url=https://graniru.org/blogs/free/entries/247669.html |title=Прибыловский и "бандитский Петербург" |trans-title=Pribylovsky and "gangster Petersburg" |language=ru |work=[Грани.ру](/source/%3Aru%3A%D0%93%D1%80%D0%B0%D0%BD%D0%B8.%D1%80%D1%83) |date=13 January 2016 |access-date=14 September 2024}}</ref>}}  He was also appointed to the board of the Federal Commission for the Securities Market of the Russian Federation and the board of state-owned Svyazinvest and [Gazprom](/source/Gazprom) in 1999.

===Minister of Economic Development (2000-2007)===
Gref was first appointed as Minister of the newly formed [Ministry of Economic Development and Trade](/source/Ministry_of_Economic_Development_(Russia)) on May 18, 2000 and was reappointed to the position in the succeeding Cabinet in 2004.<ref name=jap>IEEJ: November 2004 [https://eneken.ieej.or.jp/en/data/pdf/269.pdf Change in the Vertical Integration in the Russian Oil Industry and Management Strategies of Vertically-Integrated Oil Companies]. By Goichi Komori and Sanae Kurita</ref>

Gref was a major advocate of Russia's joining the [World Trade Organization](/source/World_Trade_Organization).<ref>{{cite web|url=http://www.themoscowtimes.com/mt_profile/german_gref/433935.html|title=Profile at the Moscow Times|author=|date=|website=themoscowtimes.com|accessdate=4 March 2019}}</ref> He is also responsible for 2004 creation of the [Stabilization Fund of the Russian Federation](/source/Stabilization_Fund_of_the_Russian_Federation).<ref>{{cite news|url=https://www.rferl.org/a/1079415.html|title=Pot Of Gold At End Of Stabilization Fund|author=|date=2 February 2012|newspaper=Radio Free Europe/Radio Liberty|accessdate=4 March 2019 |last1=Coalson |first1=Robert }}</ref>

Gref was considered as one of the liberal reformers in [Vladimir Putin's](/source/Vladimir_Putin) administration of the early and mid-2000s, besides [Alexei Kudrin](/source/Alexei_Kudrin).<ref name=bogetic>[https://www.researchgate.net/publication/241757140_Russia%27s_Financial_Crisis_Causes_Consequences_and_Prospects Russia's Financial Crisis: Causes, Consequences and Prospects] January 2009 - Zeljko Bogetic at World Bank</ref><ref name=hanson>[https://www.chathamhouse.org/sites/default/files/public/Research/Russia%20and%20Eurasia/0113pr_hansonteague.pdf Liberal Insiders and Economic Reform in Russia] Philip Hanson and Elizabeth Teague January 2013</ref> Gref has repeatedly spoken out against the monopolization of the oil and gas sector of the economy.<ref name=barannik>Barannik, Dasha. (2010). "[https://repository.upenn.edu/uhf_2010/3 In Search of 'The Russian Path': Impact of the 2008 Crisis on Russia's Economic Policy]." 2009-2010 Penn Humanities Forum on Connections.</ref>

Gref resigned in a furore as minister in September 2007 along with [Mikhail Fradkov's Second Cabinet](/source/Mikhail_Fradkov's_Second_Cabinet).<ref name="gb07">{{cite news |last1=Bryanski |first1=Gleb |title=Russia's Kudrin quits Putin tour as media abuzz |url=https://www.reuters.com/article/uk-russia-government-changes-idUKL222224620070922 |publisher=Reuters |date=22 September 2007}}</ref>

==Sberbank CEO==
In November 2007 Gref was elected as president of the state-owned savings bank [Sberbank](/source/Sberbank) at an extraordinary general meeting.<ref>Catrina Stewart, [http://www.moscowtimes.ru/stories/2007/11/29/042.html "Sberbank Approves Gref as New Head"] {{Webarchive|url=https://web.archive.org/web/20080127153217/http://www.moscowtimes.ru/stories/2007/11/29/042.html |date=2008-01-27 }}, The Moscow Times, November 29, 2007.</ref> Under Gref's leadership, the bank has undergone a number of radical changes aimed at improving its efficiency and corporate culture.<ref>Katya Golubkova, [https://www.reuters.com/article/sberbank-gref-idUSL5E8EF0DK20120315 "NEWSMAKER-Super-fit CEO of Russia's Sberbank drives a lean machine"], Reuters, March 15, 2012.</ref><ref>Dominic O’Neill, [http://www.euromoney.com/Article/3199998/Sberbank-Grefs-great-expectations.html "Sberbank: Gref's great expectations"], Euromoney.</ref>

At various times since he left the civil service he has been a member of the board of directors of such state-owned companies as [Gazprom](/source/Gazprom), [Aeroflot](/source/Aeroflot), [Rosneft](/source/Rosneft), [Svyazinvest](/source/Svyazinvest), etc. Until October 2020 he was a member of board of directors of [Yandex](/source/Yandex).<ref>Steve Gutterman, [https://www.reuters.com/article/russia-yandex-idUSL2N0NS1FJ20140506 "Russia search engine Yandex nominates state bank CEO to board"], Reuters, May 6, 2014.</ref><ref>{{Cite web|title=Греф вышел из совета директоров "Яндекса"|url=https://www.rbc.ru/business/29/10/2020/5f9b03c79a79470f67be954d|access-date=2021-07-15|website=РБК|date=29 October 2020 |language=ru}}</ref>

In 2010, speaking at the Davos Economic Forum, Gref spoke in favor of reducing the state's stake in the capital of Russian banks; in particular, he proposed reducing the state stake in Sberbank from 57.6 percent to 50 percent plus one share. In March of the following year, the sale of a 7.58 percent stake in Sberbank was approved by the National Banking Council, and in September 2012 the shares were sold on the stock exchange for $5.22 billion.

In January 2018, Gref was added to the [US Treasury](/source/United_States_Department_of_the_Treasury)'s "Kremlin list", a list of 210 officials, politicians and businessmen believed to be close to Vladimir Putin. According to the US Department of Treasury, the list is not a sanctions list and no restrictions are automatically imposed on its subjects.<ref>{{Cite web|author=Sheena McKenzie, Nicole Gaouette and Donna Borak|title=Full list of Russian oligarchs released by US|url=https://www.cnn.com/2018/01/30/politics/full-us-list-of-russian-oligarchs-with-putin-ties-intl/index.html|access-date=2021-06-16|website=CNN|date=30 January 2018}}</ref> He was later subjected to full U.S. Treasury sanctions following the [2022 Russian invasion of Ukraine](/source/2022_Russian_invasion_of_Ukraine).<ref>[Office of Foreign Assets Control](/source/Office_of_Foreign_Assets_Control). "Notice of OFAC Sanctions Actions." Published 31 March 2022. {{Federal Register|87|18857}}</ref>

In 2019 the shareholders of Sberbank re-elected German Gref for a fourth term. In 2023, he was re-elected as the CEO and chairman of the management board for another four-year term.<ref>{{cite news |title=German Gref re-elected CEO of Russia's Sberbank |url=https://www.intellinews.com/german-gref-re-elected-ceo-of-russia-s-sberbank-300462/ |agency=IntelliNews |date=2023-11-09}}</ref>

In February 2019, Gref called upon Russians "to prepare for the very worst of situations" after [the U.S. adopted new sanctions against Russia](/source/Defending_American_Security_from_Kremlin_Aggression_Act).<ref>{{cite news|author=Oliver Carroll|url=https://www.independent.co.uk/news/world/europe/russia-us-sanctions-trump-putin-kremlin-peskov-gru-ukraine-a8779676.html|newspaper=The Independent|title=Russians told to 'prepare for the worst' as US proposes new sanctions|date=February 14, 2019}}</ref>

In January 2022, Gref, [Elvira Nabiullina](/source/Elvira_Nabiullina), and other economic advisors delivered to President Putin a report on [international sanctions](/source/International_sanctions_during_the_Russo-Ukrainian_War) as well as the effect on the Russian economy if sanctions escalated due to the Russian military buildup on Ukraine's borders. Gref is said to have warned of serious economic impacts, but if he was attempting to dissuade Putin from proceeding with further escalation, this failed after the [2022 Russian invasion of Ukraine](/source/2022_Russian_invasion_of_Ukraine) began a month later.<ref name="ft2022" />

=== Sanctions ===
Following the start of the [Russian invasion of Ukraine](/source/Russian_invasion_of_Ukraine) in 2022, Gref was added to the British sanctions list.<ref>{{cite web |title=CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK |url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1150217/Russia.pdf |access-date=16 April 2023}}</ref> In April 2022, Gref was added to the [European Union](/source/European_Union) sanctions list "in response to the ongoing unjustified and unprovoked Russian military aggression against Ukraine and other actions undermining or threatening the territorial integrity, sovereignty and independence of Ukraine".<ref>{{cite web|url=https://tass.com/economy/1435183|title=EU imposes sanctions against 217 businessmen, politicians, reporters from Russia, Donbass|newspaper=TASS|date=2022-04-09 |access-date= June 3, 2022}}</ref>

He was sanctioned by [Canada](/source/Canada) under the Special Economic Measures Act (S.C. 1992, c. 17) in relation to the [Russian invasion of Ukraine](/source/Russian_invasion_of_Ukraine) for Grave Breach of International Peace and Security,<ref>{{cite web |title=Special Economic Measures (Russia) Regulations (SOR/2014-58) |url=https://laws-lois.justice.gc.ca/eng/regulations/SOR-2014-58/page-4.html#docCont |access-date=24 June 2023}}</ref> and by the [UK](/source/UK) government in 2022 in relation to the [Russo-Ukrainian War](/source/Russo-Ukrainian_War).<ref>{{cite web |title=CONSOLIDATED LIST OF FINANCIAL SANCTIONS TARGETS IN THE UK |url=https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1150217/Russia.pdf |access-date=16 April 2023}}</ref>

==Personal life==
[[File:Vladimir Putin in Germany 9-10 April 2002-16.jpg|thumb|Gref with [Vladimir Putin](/source/Vladimir_Putin) and [Gerhard Schröder](/source/Gerhard_Schr%C3%B6der) in Germany in April 2002]]
Gref married the designer Yana Golovina on May 1, 2004 in the throne room of [Peterhof Palace](/source/Peterhof_Palace).<ref name="aktuellru">[http://www.aktuell.ru/rupan0010/morenews.php?iditem=1202 "German Gref heiratet im Peterhofer Thronsaal"], Russland Aktuell, 5 May 2004, accessed 6 August 2010</ref> His wife has a teenage son from a prior relationship, just as Gref has a son, Oleg, from his marriage with Yelena, who refused to move to Moscow when Gref was called into the government in 1998.<ref name="aktuellru" /><ref name="lentaru" />{{Better source needed|reason=The current source is insufficiently reliable ([WP:NOTRS](/source/WP%3ANOTRS)).|date=May 2025}} Since 2006 the couple has a daughter. Oleg studied jurisprudence in St. Petersburg until 2004 and moved to Germany for further education. Gref speaks German and is an admirer of [Goethe](/source/Goethe) and [German Expressionism](/source/German_Expressionism).<ref name="lentaru">{{cite web | title = Герман Греф | url = https://lenta.ru/lib/14159770/full.htm | work = [Lenta.ru](/source/Lenta.ru) | language = Russian | trans-title = German Gref | access-date = February 3, 2018}}</ref>{{Better source needed|reason=The current source is insufficiently reliable ([WP:NOTRS](/source/WP%3ANOTRS)).|date=May 2025}}

After the Russian annexation of Crimea and a raised risk of being sanctioned, Gref used the Singapore firm [Asiaciti Trust](/source/Asiaciti_Trust) to restructure a $75 million family trust through a network of offshore companies in 2015.<ref name=":0">{{Cite web |date=2022-04-11 |title=Russian bankers shuffled personal wealth offshore long before latest sanctions, Pandora Papers show - ICIJ |url=https://www.icij.org/investigations/pandora-papers/russian-bankers-wealth-sanctions-offshore/ |access-date=2022-04-11 |language=en-US}}</ref> He gave more than $50 million held in the trust to a 24-year old nephew who lived outside of Russia, but remained in control of the assets through the offshore companies.<ref name=":0" />

In a November 2016 interview with [TASS](/source/TASS), Gref revealed that he had done some speculating with [Bitcoin](/source/Bitcoin).<ref>{{cite news | last = Алеев | first = Егор | title = Греф рассказал, как конвертировал биткоины в реальную валюту: По словам главы Сбербанка, ему нравятся виртуальные валюты как игра, "но в этом будет скоро вся наша жизнь" | url = https://tass.ru/ekonomika/3795846 |  language = Russian | trans-title = Gref told how he converted bitcoins into real currency: According to the head of Sberbank, he likes virtual currency as a game, "but this will soon be our whole life" | date = November 18, 2016 | access-date = February 3, 2018}}</ref>

==Notes==
{{notelist}}

==References==
{{reflist}}

== External links ==
{{Commons category|German Oskarovich Gref}}
* [http://www.sberbank.ru/en/about/about_sberbank/sb_management/board_members/ceo Brief official bio at sberbank.com]

{{Authority control}}

{{DEFAULTSORT:Gref, German}}
Gref, German Oskarovich
Gref, German Oskarovich
Category:1st class Active State Councillors of the Russian Federation
Gref, German Oskarovich
Category:Russian bankers
Category:Economy ministers of Russia
Category:Kazakhstani people of German descent
Category:Russian people of German descent
Category:Gazprom people
Category:Omsk State University alumni
Category:Russian individuals subject to United Kingdom sanctions
Category:Russian individuals subject to U.S. Department of the Treasury sanctions
Category:Russian individuals subject to European Union sanctions
Category:Saint Petersburg State University alumni
Category:Recipients of the Stolypin Medal, 2nd class

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Adapted from the Wikipedia article [German Gref](https://en.wikipedia.org/wiki/German_Gref) by Wikipedia contributors ([contributor history](https://en.wikipedia.org/wiki/German_Gref?action=history)). Available under [Creative Commons Attribution-ShareAlike 4.0 International](https://creativecommons.org/licenses/by-sa/4.0/). Changes may have been made.