A state-run Russian bank financed an asset sale in 2010 involving President Trump’s partner in a Toronto hotel, 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.
A Trump Organization spokesman told the Journal that the company did not have any financial dealings with VEB, and Trump himself has repeatedly denied having any ties or dealings with Russia.
The president’s lawyers explained in a letter last Friday that Trump’s tax returns do not show income from Russian sources, with “a few exceptions,” including a property sale worth $95 million to a Russian billionaire.