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RF Government nominates Andrey Kostin as candidate for USC Board of Directors

Posted on August 23, 2023

A total of 13 candidates have been nominated by the Government

The Government of the Russian Federation has nominated 13 candidates for the Board of Directors of the United Shipbuilding Corporation (USC) including VTB head Andrey Kostin and Andrey Puchkov, First Deputy Chairman at VTB Bank, according to the Cabinet’s statement cited by TASS.

“Prime Minister Mikhail Mishustin has signed a Decree on nominating candidates which will represent the interests of the Russian Federation in the Board of Directors of joint stock company United Shipbuilding Corporation. The list numbers 13 candidates,” reads the statement.

As IAA PortNews reported earlier, Russian President expressed his support of the Government’s proposal to transfer state-owned stake in USC to VTB when meeting with President and Chairman of VTB Bank Management Board Andrey Kostin.

According to earlier reports, Andrey Kostin can replace ex-Governor of Saint-Petersburg Georgy Poltavchenko at the post of USC BoD Chairman. Some media speculated that Andrey Puchkov could take the helm of the company.

United Shipbuilding Corporation (USC OJSC) is the largest shipbuilding company in Russia. It was set up in 2007 with 100% federal ownership. The holding comprises about 40 companies and organizations (major shipbuilding and shiprepairing companies as well as leading design bureaus). Currently, USC consolidates the bulk of the domestic shipbuilding complex. The Russian market is the main focus of the state corporation though it also exports its products to 20 countries worldwide. Throughout its history, USC companies have built and repaired over 320 ships including over 205 civil ones. In 2022, the Group’s revenue totaled RUB 384 billion.


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