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.

Olof Aschberg was born on July 22, 1877, in Stockholm, Sweden, to a family of Russian-Jewish origin. His father, Herman Usch Gershon Asch, headed the household, and Aschberg had at least two sisters: Lina Asch (born 1875) and Hanna Carolina Asch (1881–1977). The family's Jewish heritage traced back to Russian roots, reflecting patterns of Eastern European Jewish migration to Scandinavia amid economic and social pressures in the late 19th century, though specific immigration details for the Asch lineage remain undocumented in primary records.

Aschberg's childhood unfolded in Stockholm's urban environment, where his family's modest commercial interests likely exposed him early to financial dealings, foreshadowing his later career. Genealogical accounts indicate no notable public events or upheavals marked his formative years, with the household centered on siblings and parental oversight in a Jewish community navigating Sweden's secularizing society. By adolescence, Aschberg displayed inclinations toward business, though primary sources on personal anecdotes or education prior to formal training are limited, emphasizing instead the foundational role of familial networks in his development.

In the years following World War II, Aschberg resided in France, continuing his engagement with art collections and philanthropy amid a period of relative seclusion from active banking. His Jewish ancestry had exposed him to acute risks during the war; after the German occupation of France in June 1940, he was detained for five months in the Vernet concentration camp before securing release and departing Europe via Lisbon in January 1941.