VTB provided the United Shipbuilding Corporation with a loan of 50 billion rubles.

The United Shipbuilding Corporation (USC) received a loan of 50 billion rubles from VTB. taking into account 14% per annum for a period of six months. This was announced by the head of the bank, chairman of the board of directors of USC Andrei Kostin at the VTB forum “Russia Calling!” The money was issued “with a guarantee of repayment from the budget.”

“There are different goals. And the primary goals are wages, payments to the budget, and taxes. But this is also for construction. The government will allocate money there; the government simply has some procedural issues that do not allow this to be done now. Therefore, we have government guarantees that the money will be allocated within six months of the next year,” Mr. Kostin told reporters.

As Deputy Head of the Ministry of Industry and Trade Viktor Evtukhov said at the forum, part of the loan will be repaid this year using budget funds through the ministry. Mr. Evtukhov reported “Interfax”that the funds were provided “within the last month.” It is expected that the amount of funds necessary for the rehabilitation of USC will be determined by the end of February or in March 2024. Now there is a “painstaking audit of the activities of enterprises.”

The deputy minister, answering a question about the possibility of covering debts using the funds of the National Welfare Fund, noted that the fund’s money goes to development projects, and not to cover losses associated with recovery. According to Mr. Evtukhov, USC’s development strategy is currently being reviewed.

Russian President Vladimir Putin signed a decree in October on the transfer of the state block of shares of USC to the trust management of VTB for five years. According to Kommersant, the decision was caused by the failure of the USC rehabilitation program, which began in 2020. After the president approved the transfer of USC to the bank, the corporation’s management happened changes. Former first deputy chairman of VTB Andrei Puchkov was appointed head of USC, and Andrei Kostin was elected chairman of the board of directors of USC. Mr. Kostin previously said that the government should take upon itself to close the financial holes of the corporation. He noted that the bank does not plan to receive any income from the management of USC, but did not rule out lending to the organization.

Details – in the material “Kommersant” “Ships came into our banks”.

Leonid Uvarchev