The White House has said the subsequent meeting with the banker was a pre-inauguration diplomatic encounter, unrelated to business matters. The Russian bank, Vnesheconombank, which has been the subject of U.S. sanctions following Russia's annexation of Crimea, has said the session was held for business reasons because of Kushner's role as head of his family's real estate company. The meeting occurred as Kushner's company had been seeking financing for its troubled $1.8 billion purchase of an office building on Fifth Avenue in New York, and it could raise questions about whether Kushner's personal financial interests were colliding with his impending role as a public official.