State-owned VTB bank has taken over the running of financially troubled United Shipbuilding Corporation (USC) at the behest of president Vladimir Putin. USC is the country’s largest shipbuilder. It operates about 40 shipyards, design offices and repair yards across Russia, employing 95,000 staff.
The war in Ukraine – now going on for 18 months – has seen USC struggle to get the parts it needs to complete many ship projects with many deliveries now behind schedule. The yard is run by a former KGB agent who worked with Putin prior to his political career.
Prior to the war, USC had been working with South Korean yards to develop its expertise in high-end ship construction such as LNG, all of which came to an end when Putin declared his “special military operation” in Ukraine in February last year.
Thank you for post on State Bank takes over shipyard USC on behalf of Russia Pesident. With its proven experience and expertise in shipbuilding, Usc will be able to recycle , retrofit and rebuild the ships as well as build new ships which will help in future economic trade.
Keep dreaming. Pretty insane how Indians are sucking up like to Putin like he is their God