Central Bank First Deputy Chairman Andrei Kozlov, who oversaw bank licensing and led a campaign against corruption and money laundering, was shot dead along with his driver in September 2006. Kozlov had revoked the licenses of banks run by Frenkel.
On Tuesday the jury in the trial unanimously decided that Frenkel was guilty and deserved no leniency.
The prosecution also demanded a life sentence for the assassin, Alexei Polovinkin, and a 25-year prison term for his accomplice, Maxim Proglyada.
Frenkel has been in custody since January 2007, along with restaurant owner Liana Askerova, whose testimony led to his arrest, and Boris Shafrai, a Ukrainian businessman. Askerova and Shafrai were also accused of organizing the murder and prosecutors are demanding 17-year prison terms for them.
The defense said earlier they would appeal the verdict following sentencing.
