Why the government transfers USC to VTB management for five years

VTB Bank will receive in trust management for five years 100% of the shares of the United Shipbuilding Corporation (USC), which are federally owned (owned by the Federal Property Management Agency). This became known on August 10 from the broadcast of a meeting between VTB Chairman of the Board Andrei Kostin and Russian President Vladimir Putin.

The idea to transfer the shares to management belongs to the Ministry of Industry and Trade and the government, the president supported this proposal, follows from the transcript of the meeting on the Kremlin website. The press service of the Ministry of Industry and Trade on August 10 stated that this would contribute to the long-term stabilization of the financial condition of USC and would have a positive effect “both on internal interaction and on work with customers and counterparties.”