Syndicate of VEB.RF and Sber Provides Initial Financing for Three Volcanoes Park in Kamchatka

Initial financing was provided under the project to create an international tourism cluster around Mutnovsky, Vilyuchinsky and Gorely volcanoes in the Kamchatka Peninsula.

The project investors include Interros, Vasta Discovery and Tourism.RF Corporation.

Three Volcanoes Park is part of the Tourism and Hospitality national project and is included in a comprehensive plan approved by Yuri Trutnev, Deputy Prime Minister and Presidential Plenipotentiary Envoy to the Far Eastern Federal District.

In early June of 2025, the syndicate of VEB.RF and Sber made the first tranche of over 1 billion roubles. A cooperation agreement between The Three Volcanoes Park LLC as the project initiator, VEB.RF and Sber was signed at the St. Petersburg International Economic Forum in 2025.

The project includes the construction of Hot Hill resort with geothermal 3,4 or 5-star hotels that have 1,397 rooms, a recreational complex with a geothermal lagoon, a congress centre, a museum, restaurants and commercial property. The ski infrastructure includes 30 km of ski routes, three gondola ropeways, training routes with ski conveyor belts and a training area for children. The comfortable leisure infrastructure is available to tourists all the year round. The total project investment is estimated at 67 billion roubles. The resort facilities are planned to be launched before 2029.

Anton Perin, Senior Banker, VEB.RF: “VEB.RF helps to create landmark infrastructure in Kamchatka. A new terminal of Elizovo Airport created with financial support from VEB.RF is only 60 km away from the resort under construction.”

“The Three Volcanoes Park is a pearl of the Russian tourism infrastructure and a symbol of the unity of nature and high technology, allowing local residents and guests to immerse themselves in the majestic beauty of the region. Currently, it is the most capital-extensive project and the first syndicated deal in the tourism sector in VEB’s portfolio. VEB.RF’s commitment is over 45 billion roubles, including concessional financing of 14.5 billion roubles provided by the Russian Ministry for the Development of the Russian Far East and Arctic. The project aims to deliver over 1,000 new jobs and double tourist arrivals which will certainly impact the regional economy.”

“VEB.RF helps to create all the conditions for promoting domestic tourism and family recreation. Currently, VEB.RF is arranging finance for 30 projects totalling 350 billion roubles under the Tourism and Hospitality national project. Our primary focus is on large-scale projects as a major driver of growth in a host of vast areas.”

Mikhail Chachin, Vice-President and Director for Public Sector Interaction, Sberbank:

“Sber is a key partner to develop domestic tourism infrastructure projects, so our involvement in such a large-scale project as Three Volcanoes in Kamchatka is a logical continuation of our strategy to support the tourism sector. Sber, with 56% of the market, provides services to every second player in the Russian hospitality industry. We plan to double our current tourism product portfolio by 2026. We are constantly working to create advanced technologies and solutions for the tourism sector to contribute to balanced development across regions and create new recreational areas for domestic and international tourists. We are confident that Three Volcanoes will be a driver of socio-economic growth of Kamchatka, delivering new jobs and attracting new tourists to the region. Sber will continue to actively support public and private initiatives to develop domestic tourism, create modern infrastructure and improve the quality of services. We are certain that in cooperation with our reputable partners we will be able to implement the most ambitious tourism projects in Russia.”

Sergey Bachin, General Director, Vasta Discovery Group:

“Kamchatka is among the most popular destinations for both Russian and international tourists. Investors see their mission in making this place comfortable and accessible to tourists while preserving natural landscapes in the region. An active construction phase has just launched, and we expect the first guests to start arriving already at the end of 2027. Three Volcanoes is a major collaboration project. Interros and Vasta Discovery as private investors, Tourism.RF State Corporation, a bank consortium comprising of VEB.RF and Sber unite their efforts with the government that provides privileges and benefits needed by the project to be successful.”