Andrey Kostin asked RF Minister of Finance to “plug old financial holes” in USC
VTB sees the need for a structural reform in domestic shipbuilding
When speaking at Moscow Financial Forum, Andrey Kostin, President and Chairman of VTB Bank Management Board, asked Anton Siluanov, the Minister of Finance of the Russian Federation, to “plug old financial holes” in United Shipbuilding Corporation (USC) without leaving this issue to VTB, according to the event broadcast. According to Minister’s response, “there will be enough money” but less can be spent “with a good head and hands”.
VTV sees the need for a structural reform in domestic shipbuilding
Andrey Kostin told about his recent visit to shipyards in Saint-Petersburg where he saw machines produced in 1932 being still in operation. According to Andrey Kostin, that shows the need for a structural reform in domestic shipbuilding and in the industry as a whole.
At the meeting with Andrey Kostin, President and Chairman of VTB Bank Management Board, held on 10 August 2023, Russian President Vladimir Putin said he had supported the proposal of RF Government to transfer state-owned stake in the United Shipbuilding Corporation to VTB for 5 years.
When speaking at the Eastern Economic Forum (EEF 2023), Victor Yevtukhov, State Secretary – Deputy Minister of Industry and Trade of the Russian Federation, said that many shipyards of USC are in a difficult financial situation which behind the transfer of the USC stake to VTB. Underway is the audit of shipyards. Its findings will let make decisions on which shipyards are to be supported first.
United Shipbuilding Corporation (USC OJSC) is the largest shipbuilding company in Russia. It was set up in 2007 with 100% federal ownership. The holding comprises about 40 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, USC consolidates the bulk of the domestic shipbuilding complex. The Russian market is the main focus of the state corporation though it also exports its products to 20 countries worldwide.
