Russian President Vladimir Putin has removed the head at the ailing Russian state development bank Vneshekonombank (VEB).
In a statement on February 26, the Kremlin said VEB chief Vladimir Dmitriyev was being replaced by Sergei Gorkov, vice president at top lender Sberbank.
Like other Russian banks, VEB is facing difficulties due to Russia's economic slowdown.
The bank was one of seven Russian financial institutions to be downgraded by the Moody's rating agency on February 24 due to the country's worsening credit situation.
Commentators say Dmitriyev's dismissal is the latest sign that loyalty to Putin is not enough to keep senior state officials in their posts during times of crisis.
Last year, two longtime allies of the Russian president, Vladimir Yakunin, the head of the state railways company, and Yevgeny Dod, the boss of state-owned RusHydro, Russia's biggest hydropower producer, were dismissed as well.
