Russia’s official news agency, Tass, confirmed that the full ownership of the Russian shipbuilding monopoly, United Shipbuilding Corporation, had been transferred to VTB Bank at a meeting in Moscow between President Putin and VTB Bank’s ceo, Andrey Kostin, on 10 August. 

The Motorship reported in August 2022 that the direct effect of the imposition of sanctions on imports of foreign technologies, as well as the wider consequences of the imposition of financial restrictions on Russian enterprises, had heavily impacted Russia’s civilian shipbuilding sector.

United Shipbuilding Corporation was preparing a plan for the financial recovery of some of its domestic shipyards in August 2022, while lobbying for the provision of soft loans for domestic shipbuilders at concessionary interest rates.