Born in 1952 in Ufa. He graduated from the Faculty of Mathematics and Mechanics (1974) and received his postgraduate degree (1977) from Moscow State University. PhD in Physics and Mathematics.

In 1993 — was appointed Head of the Macroeconomic Policy Department at the Russian Ministry of Finance. In 1994, he became a member of the board of the Ministry of Finance. From 1996 to 1999, he served as Deputy Minister of Finance, and in 1999 was appointed First Deputy Minister. In 1999, he became Chief Economist and Executive Vice President of Troika Dialog.

In 2002–2004 — First Deputy Chairman of the Central Bank of the Russian Federation.

In 2004–2007 — Head of the Federal Service for Financial Markets.

Since 2007 he has been working at MDM Bank. Currently, he is Chairman of the Board of Directors of MDM Bank.

Lives in Moscow.