A partner of President Trump's financed Trump International Hotel and Tower in Toronto using hundreds of millions of dollars received from the Russian bank Vnesheconombank, or VEB, The Wall Street Journal reports. At the time of the deal, Russian President Vladimir Putin sat on VEB's supervisory board; Russian experts say the bank is a "vehicle for the Russian government to fund politically important projects," The Wall Street Journal writes.
Trump's partner, Russian-Canadian developer Alexander Shnaider, helped finance the hotel after selling his company's share in a Ukrainian steelmaker for $850 million. The unknown buyer, financed by VEB, was reportedly "an entity acting for the Russian government."
After Mr. Shnaider and his partner sold their stake in the steelmaker, Mr. Shnaider injected more money into the Trump Toronto project, which was financially troubled. Mr. Shnaider's lawyer, Symon Zucker, said in an April interview that about $15 million from the asset sale went into the Trump Toronto project. A day later, he wrote in an email: "I am not able to confirm that any funds" from the deal "went into the Toronto project."A spokesman for the Trump Organization, the family's real-estate firm, said Mr. Trump had no involvement in any financial dealings with VEB and that the Trump company "merely licensed its brand and manages the hotel and residences." VEB didn't respond to requests for comment. [The Wall Street Journal]
In February, Trump claimed: "To the best of my knowledge, no person that I deal with [has dealings with Russia]." Trump also directed his lawyers to review his tax returns and release a letter showing limited income from Russian sources over the past decade.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
Read the entire story at The Wall Street Journal.
-
The NCAA is a 'billion-dollar sports behemoth' that 'should not be a nonprofit'Instant Opinion Opinion, comment and editorials of the day
-
Trump picks conservative BLS critic to lead BLSspeed read He has nominated the Heritage Foundation's E.J. Antoni to lead the Bureau of Labor Statistics
-
What's a pocket rescission and can Trump use one?The Explainer The White House may try to use an obscure and prohibited trick to halt more spending
-
US to take 15% cut of AI chip sales to ChinaSpeed Read Nvidia and AMD will pay the Trump administration 15% of their revenue from selling artificial intelligence chips to China
-
NFL gets ESPN stake in deal with DisneySpeed Read The deal gives the NFL a 10% stake in Disney's ESPN sports empire and gives ESPN ownership of NFL Network
-
Samsung to make Tesla chips in $16.5B dealSpeed Read Tesla has signed a deal to get its next-generation chips from Samsung
-
FCC greenlights $8B Paramount-Skydance mergerSpeed Read The Federal Communications Commission will allow Paramount to merge with the Hollywood studio Skydance
-
Tesla reports plummeting profitsSpeed Read The company may soon face more problems with the expiration of federal electric vehicle tax credits
-
Dollar faces historic slump as stocks hit new highSpeed Read While stocks have recovered post-Trump tariffs, the dollar has weakened more than 10% this year
-
Economists fear US inflation data less reliablespeed read The Labor Department is collecting less data for its consumer price index due to staffing shortages
-
Crypto firm Coinbase hacked, faces SEC scrutinySpeed Read The Securities and Exchange Commission has also been investigating whether Coinbase misstated its user numbers in past disclosures
