The Russian government has signaled that the transfer of United Shipbuilding Corporation from state ownership toward the influence of VTB Bank is advancing and could be completed in the near term. The update comes from official channels and was reported by DEA News, highlighting steps already taken to formalize and verify the shift in control.
Officials describe the transition as imminent, with the legal framework and registration procedures now in its final stages. The process is described as a thorough verification of documents, ensuring that all aspects of the change in management and supervision are properly documented and prepared for implementation.
Following the decision to place USC under what is described as entrusted management, VTB specialists have begun an independent audit of USC to assess performance indicators and financial flows. This audit is part of a broader effort to ensure that key performance criteria are accurately reflected and that governance structures align with the needs of the state-owned asset. The aim is to establish a solid baseline for the next phase of management and oversight.
As part of the transition, the incoming chief executive will review the parent company structure, gain a clear view of the financial streams, and understand the record-keeping practices across each shipyard and design bureau within USC. The assessment covers more than 40 individual entities under USC and is expected to be comprehensive, with each unit undergoing careful scrutiny to ensure consistency and transparency in operations, accounting, and governance.
An important milestone noted in recent discussions was the appointment of a new chairperson for USC. Andrey Kostin, previously at the helm of VTB, has taken on the role of president of USC’s Board of Directors. The board meeting confirming this arrangement took place on a recent date, marking a formal transition in leadership as the company aligns its strategy with the state’s objectives for the shipbuilding sector.
In parallel, Andrey Puchkov, who has held positions within the Ministry of Industry and Trade and formerly served as VTB’s First Vice-Chairman, has been named chief executive of USC. This leadership change is part of a broader managerial realignment intended to stabilize financial performance and restore confidence in the state-controlled holding company. The industry ministry, led by Denis Manturov, has expressed cautious optimism that Puchkov’s experience in finance and governance will help accelerate stabilization efforts and improve liquidity and project execution across USC’s portfolio.
Independent experts and researchers, including former researchers from high-education institutions, have highlighted personnel vulnerability across the broader shipbuilding sector. They point to challenges in attracting and retaining skilled labor, which could influence project timelines and long-term competitiveness. Stakeholders emphasize the importance of robust human capital strategies to support a large, diversified network of shipyards and design bureaus that form USC’s backbone.
Overall, observers note that the envisioned governance changes, the leadership appointments, and the ongoing audits constitute a coordinated approach to strengthening state oversight while maintaining USC’s capacity to deliver critical naval and civilian shipbuilding programs. The outcome will depend on successful execution of the integration steps, transparent reporting, and sustained financial discipline across the holding structure.”