Olof Aschberg

Olof Aschberg (22 July 1877 – 21 April 1960) was a Swedish banker and businessman of Russian-Jewish descent, notable for his role in financing the Bolshevik regime during and after the Russian Revolution, which earned him the epithet "the Red Banker."

Aschberg established Nya Banken in Stockholm in 1912 as Sweden's first bank dedicated to serving workers, trade unions, and cooperatives, reflecting his early commitment to socialist-aligned financial institutions. During the 1917 Revolution, he channeled funds to the Bolsheviks through his bank, leveraging Sweden's neutrality to handle transactions that included the melting and resale of Russian imperial gold to Western markets. In recognition of his support, the Soviet government granted him exclusive rights to operate Ruskombank, the USSR's initial foreign trade bank, from which he profited by facilitating Soviet exports amid international isolation.

Beyond banking, Aschberg was a philanthropist and art collector, amassing a significant trove of Russian religious icons and donating properties and collections to Swedish labor organizations and cultural institutions in the mid-20th century. His entrepreneurial diplomacy bridged Western finance and Soviet needs, though his dealings with the Bolsheviks drew scrutiny for enabling the regime's consolidation amid widespread famine and political repression in Russia.