Russia’s state VneshEconomBank (VEB) is not in a hurry to sell its stake in EADS and, if it does sell it, the bank wants the deal to be “lossless”.

Such a statement has recently been made by VEB chairman Vladimir Dmitriev. VneshEconomBank or VEB (abbreviations in Russian from the Bank for the External Economic Relations) is one of the top five Russian banks controlled by the Kremlin. These institutions are often referred to as “system-forming banks” for their role in the national financial structure.

Interviewed by the Russian media, Dmitriev was asked whether his bank is ready to sell its stake in the European Aeronautic Defence and Space Company N.V. (EADS), a large pan-European aerospace and defense corporation and a leading defense and military contractor worldwide. The question was asked in view of the widespread speculations that VEB would soon exchange its EADS stake for shares or assets of Russia’s United Aircraft Corporation (UAC). And that this stake would go for a sum below the amount of money paid for it on acquisition.

According to VEB, it holds 5.0448% in EADS. This stake was acquired in late 2007 for Euro 995 million from another Russian large bank, VTB. It its turn, VneshTorgBank or VTB (abbreviations in Russian from the Bank for Foreign Trade in Russian) procured the EADS shares for Euro 1 billion in summer 2006.

International media has many times reported previously about this controversial acquisition and the headaches this asset is going to bring to the Russian banks involved. This is in the view of EADS shares now selling cheaper that they were acquired by the Russians.