Mikhail Jernov was appointed vice-president, banking, of the Black Sea Trade & Development Bank on September 24, 2004.
Having started as a scholar in international economic cooperation and trade, Jernov made a career from a researcher to a chief of department and an acting deputy director at the Market Research Institute of the Ministry of Foreign Trade of the USSR in Moscow.
In 1992-96 he served the government administration of the Russian Federation as a first deputy head of foreign economic relations division and a chief of foreign affairs division in charge of foreign trade regulations and investments. He also coordinated the activities of the Russian inter-governmental commissions with the UK and US.
From 1996 to 1999 Jernov was the director for the Russian Federation, Belarus and Tajikistan at the European Bank for Reconstruction and Development (EBRD).
In 1999-2002 Jernov  headed Gazprom (UK) Limited in London.
In 2002 he rejoined EBRD as an alternate director for the Russian Federation, Belarus and Tajikistan and worked there till September 2004.