VEB's placement follows Gazprom, which this month became the first Russian company to place eurobonds since the start of the financial crisis.
"The main barrier for the placement of foreign currency bonds was the absence of a decision from the supervisory board about the issue. Now that has happened, the board has approved the issue of $5 billion," VEB's Lykov told reporters.
"If that issue is in demand, I think we could increase the amount to $10 billion. ... There is already big demand from banks. We can place up to $2 billion with ease at the moment."
Analysts say well-received issues by state-controlled corporate heavyweights could help open up the market for smaller firms who are struggling to refinance foreign debts as revenues are dented by Russia's first recession in a decade.
"The Russian authorities are eager for VEB to issue because it can/is currently able to take advantage of the opening in the market following the hefty risk rally we have seen in recent weeks," RBS analyst Tim Ash said in a research note.
"This demonstrates Russian corporates continuing ability to finance themselves in international markets, so this creates something of a benchmark for others to follow."
The issues could also pave the way for Russia's return to the sovereign eurobond market, with its first issue in a decade expected next year.
The eurobond will be aimed at the Russian market, where it will enable domestic banks to use some of the large foreign currency reserves accumulated during a one-third depreciation in the value of the ruble versus the dollar since last summer.
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