The former First Vice President of VTB, Andrey Puchkov, has been appointed Managing Director of United Shipbuilding Corporation. This development was announced by the Ministry of Industry and Trade of Russia.
Deputy Prime Minister Denis Manturov, speaking through the department’s press office, expressed confidence that Puchkov’s extensive leadership background, combined with a clear grasp of the shipbuilding sector’s current goals, will help stabilize the finances of Russia’s largest state-owned shipbuilding conglomerate in the shortest possible time.
Orders approving the new chief executive and the updated USC JSC board were issued by the Federal Property Management Agency.
United Shipbuilding Company
USC JSC stands as Russia’s leading shipbuilding enterprise.
USC JSC was established on March 21, 2007. All shares are held by the federal government.
The holding brings together about 40 design bureaus and research centers, shipyards, repair facilities, and machine-building enterprises, consolidating a large portion of the domestic shipbuilding sector. USC operates across all major ports and transport hubs from Kaliningrad to Khabarovsk and from Murmansk to Astrakhan. Its workforce numbers around 95,000 people.
USC builds nearly all warships for the Russian Navy, along with icebreakers, transport and research vessels, rescue and auxiliary ships, and naval equipment for continental shelf development.
“Why did they sign unprofitable contracts?”
Andrey Puchkov succeeds Aleksey Rakhmanov as CEO of USC JSC, a position he has held since 2014 in various capacities.
Under Rakhmanov’s leadership, the company achieved a steady operational rhythm. Manturov noted that Rakhmanov managed to retain the labor forces of shipyards and design bureaus, enabling the execution of several major state projects in both military and civil shipbuilding, including reviving the construction of the nuclear icebreaker fleet.
Before joining USC, Rakhmanov served as Deputy Minister of Industry and Trade of Russia, overseeing shipbuilding, the automotive sector, agricultural engineering, transportation, and engineering.
Recently, President Vladimir Putin criticized Aleksey Rakhmanov. In a discussion about shipbuilding on 18 August, the President asked why some contracts were signed when they were not profitable. He criticized the practice of starting construction without a complete technical specification, which led to cost overruns when private bidders were involved. The president emphasized that fiscal discipline is tied to national interests and called for clearer project definitions before contracts move forward.
Rakhmanov responded by acknowledging the tendency to push projects forward and China-like cost drifting, insisting that the national interest should guide financial discipline. The discussions underscored the balance between ambitious military and civil programs and the need for solid budgeting and planning.
“A great lawyer, think tank of projects”
Within VTB, Puchkov has been described as someone who has served the company for more than two decades. His legal acumen and strategic thinking have earned recognition across the organization. [Citation: VTB internal communications]
Who is Andrey Puchkov?
Andrey Sergeevich Puchkov was born January 23, 1977, in Moscow. He is a graduate of Moscow State University, Faculty of Law, class of 1998. His early career included roles as a legal adviser in the Central Bank of Russia’s consolidated economy department (1996–1997) and later positions at ALM Law Firm (1997–1999). He joined the Moscow City Bar Association in 1999 and began his long tenure at VTB in 2002, progressing from the legal department to Deputy General Manager and Chairman of the Board by December 2008, and then First Deputy Chairman of the Board from February 2018 to August 2023.
In 2009 he was named to the President of Russia’s administrative staff reserve. He has been awarded the Order of Honor in 2021 for his service. Past responsibilities at VTB included oversight of the group’s non-core assets, distressed assets, and core legal and administrative functions. A colleague, Andrey Kostin, President and Chairman of VTB, described Puchkov as a capable lawyer and a reliable project contributor who can drive large-scale initiatives with clarity and responsibility.
There have been reports that USC could move to trust management under VTB, with Andrey Kostin potentially taking a chairmanship. The board also includes Georgy Poltavchenko, the former governor of St. Petersburg, among its members. [Citation: Internal company releases]