The consortium Northern Capital Gateway will manage the 1.4 billion euro ($2 billion) construction of a new terminal and the reconstruction of the airport's existing infrastructure.
VEB and the European Bank for Reconstruction and Development have both expressed interest in helping finance the project, VTB said.
The group beat out two other bidders: a consortium including Flughafen Wien, Lider and Gazprombank as well as one including Oleg Deripaska's Basic Element and Singapore's Changhi Airport.
The consortium hopes to boost the airport's passenger flow to as much as 22 million from the 7.1 million that passed through the airport in 2008.
"The Pulkovo project will convincingly prove the possibility of successful implementation of large infrastructure projects in Russia in the current market conditions," VTB Capital president Yury Solovyov said in a statement.
Fraport, a German transport firm, and Greece's Copelouzos Group will attempt to increase Pulkovo's status as an international hub, the statement said, while VTB Capital will help develop the project's finance structure.
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