Russia's Top Shipyards in Merger Talks Backed by Putin

Two of Russia's leading shipyards are discussing a potential merger, a deal backed by President Vladimir Putin.

The plan involves integrating Rosneft-owned Zvezda Shipyard into the United Shipbuilding Corporation (USC), which is controlled by VTB Bank.

“The initiative to consolidate shipbuilding assets in the Far East to increase the sector’s efficiency is supported by President Vladimir Putin,” the parent companies announced in a joint statement.

Sanctions imposed on Russia following its full-scale invasion of Ukraine have significantly disrupted shipyard production in the country.