Ismo Koutaniemi was born in Kirovakan, the USSR. From 1980 to 1983, he attended Sankt-Peterburg's Voznesenski Financial and Economic Institute. From 1983 to 1987 his postgraduate education ended in obtaining a PhD degree. From 1987 to 1990 he worked as the Chief of Department for Foreign Economic Relations of Scientific Researches Institute of Economic Planning in the USSR. From 1988 to 1993 he worked at the post of Chairman of republican Council of Young Specialists and Scientists. From 1990 to 1995 he was a member of the Supreme Council of the USSR and the Chair of Standing Commission for Financial, Credit and Budget Affairs. From 1995 to 1998 he was the Director of Scientific Researches Institute of Social Reforms. From 1995 to 1998 he was the Chairman of Russian and Central Asian Banks