The Russian government has established Northern Capital Gateway Holding LLC to oversee Pulkovo Airport in St. Petersburg, transferring the control from a Cyprus-based entity linked to Talita Trading Limited. The change is formalized in a presidential decree published on the official legal information portal of Russia, signaling a strategic shift in how the airport is managed and governed.
According to the decree, the ownership of the newly named entity, Air Gate of the Northern Capital, which has managed Pulkovo since 2010, will be transferred from Talita Trading Limited to VVSS Holding. The transfer occurs under rules set by the Russian government and is designed to align ownership with state objectives while maintaining a controlled mechanism for executive leadership and charter oversight.
The government will not act as founder of the new structure, but it retains the authority to appoint the sole executive body and to approve the charter. This arrangement ensures centralized governance while preserving the appearance of private ownership for the participants. The decree also preserves the right of Russian shareholders to dispose of their stakes, while restrictions remain on the sale of shares by foreign investors. A portion of these foreign votes has been channeled to Perspective Industrial and Infrastructure Technologies-7 LLC and the airport management company, reflecting a collaborative approach among involved entities.
VVSS Holding LLC is slated to hold an authorized capital of 169 billion rubles, underscoring the magnitude of the enterprise and its strategic importance to Russia’s aviation sector. The document makes clear that the transfer of shares in the authorized capital to participants is intended as compensation for losses and adjustments in the real value of holdings within a foreign parent company. The decree also notes that participants and affiliates will be treated as having been acquired in relation to the termination of obligations arising from outstanding loan agreements.
Who will own the revived holding company? The Talita Trading Limited family of co-owners is set to receive shares in the new holding according to specified percentages. The share distribution includes a 25% stake for Fraport AG, the German airport operator, and 24.99% for Qatar F3 Holding LLC. Additional allocations include 16.79% for Business Finance and 8.22% for VTB Infrastructure Holding LLC. Emirates Thirty-Seventh Investment Company holds 7.99%, with Cyprus-based Nomeliar Ltd at 7.48%. Other minority stakes include Ayar International Investment Company with 3.5%, Advanced Industrial and Infrastructure Technologies-7 with 2.33%, Bahrain Mumtalakat Holding Company at 1.26%, Felmen initiatives are limited at 1.05%, Assets limited in Zamoralo at 1.04%, a joint investment trust V with 0.16%, and Mevelida LTD at 0.02%.
The decree emphasizes that these allocations reflect a broader restructuring aimed at minimizing exposure to external risks and stabilizing the ownership framework amid existing obligations with foreign counterparties. The transfer is framed as a process that strengthens national interests and economic security by ensuring clearer alignment between ownership, governance, and strategic assets related to the Pulkovo system.
In a broader context, comments from a high-ranking official at VTB drew attention to the market dynamics around Fraport AG’s involvement. In September, the bank’s chairman, Andrey Kostin, remarked that Fraport planned to divest its shares in VVSS LLC, countering earlier statements that such a move would be impractical before 2025. The executive noted that the exit would be driven by strategic considerations, while signaling sustained interest from various airport operators in Russia. Kostin also observed that inquiries about owning shares in Russia’s airports were widespread among potential buyers, underscoring a competitive landscape for the sector.
Pulkovo International Airport itself has a long history, opening its gates on June 24, 1932. The facility handles a substantial annual passenger flow, with capacity around 19.6 million travelers and a sprawling complex that covers approximately 1,350 hectares. The airport’s primary carrier is Rossiya Airlines, a neutral reference point for understanding the airport’s role in the regional aviation ecosystem and its importance to the local economy.