USC state-owned shares to be transferred to VTB trust management

Russian President Vladimir Putin has signed a decree authorizing the transfer of a 100% stake in United Shipbuilding Corporation (USC) to trust management of VTB Bank. The decree was posted on the RF official legal information website.

Russian President Vladimir Putin, said at a meeting with VTB’s Andrei Kostin August 10, 2023, that he supported the government’s proposal to transfer all the state-owned stake in USC to VTB into trust management for a five-year period.

Viktor Evtukhov State Secretary and Deputy Russian Minister of Industry and Trade said at the Eastern Economic Forum (EEF 2023) that many shipyards that are members of USC appeared to be in a difficult financial situation, which was the reason for the transfer of shares to VTB. An audit of shipyards is currently under way. Based on the results of the audit decisions will be made on the priority of their financial support.

United Shipbuilding Corporation (USC OJSC) is a largest conglomerate of Russian shipbuilding companies. The USC holding was set up in 2007 with 100% federal ownership. The holding comprises about 40 companies and organizations (major shipbuilding and ship repaire companies as well as leading naval architecture and marine engineering firms). 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.

Since the creation of USC, the corporation's enterprises have built and repaired more than 320 ships and vessels, over 205 of them civilian ships. The 2022 revenue of USC Group reached  RUB 384 billion.