Born August 18, 1944 In 1965 he graduated from the Moscow Finance Institute, in 1971, he graduated in the same graduate.
He began his career in the position of Inspector Mytishchi rayfinotdela, then worked in the management of finance heavy industry of the USSR Ministry of Finance.
From 1977 to 1981 - deputy head of the budgetary management of the USSR Ministry of Finance,
from 1981 to 1984 - first deputy chief of administration
from 1984 to 1987 - Chief, a member of the Board of the Ministry.
From 1987 to 1990 worked as 1 st Deputy Minister of Finance of the USSR (the Minister of Finance Valentina Pavlov).
Following the resignation of Valentin Pavlov Panskoe worked in the apparatus of the USSR President Mikhail Gorbachev.
Since March 1992 was 1 st deputy head of the State Tax Inspectorate.
February 25, 1993 was arrested by state security and charged at st.173 RSFSR Criminal Code, in obtaining numerous bribes "in the large-scale (8 to 15 years with confiscation of property). The subject of the proceedings was the amount transmitted Panskovu by certain persons. The latter insisted that it was a bribe, Pana persuaded, that it has simply returned the money given at one time in debt. After 5 months after his arrest (in another version - 26 May) was released in exchange for a recognizance not to leave.
In the press, among the charges against him were family trips Panskova abroad at public expense, and abuse in the federal tax collection. 17-month investigation led to the cessation of criminal proceedings. According to the investigator for particularly important cases at the General Prosecutor of Russia Ruslan Tamayev, the authorities acted illegally, arresting Panskova. General's Office agreed with this conclusion, not too flattering assessing the work of bodies gosbezopastnosti.
In March 1994 (according to another version - January) Pana became chief of staff of the Committee on the Budget of the State Duma of the Federal Assembly of Russia.
In August 1994,. moved to the position of 1-st deputy head of the Fiscal Control RF President Administration. During this period, the General Prosecutor's Office suspended the case on charges of bribery Panskova a large scale - for lack of evidence ".
4 November 1994 he was appointed Minister of Finance.
Since January 1995 a Security Council member Russia. Doae at Pana VG