Why management of the Russian shipbuilding industry was given to bankers from VTB

War is war, and lunch is on schedule. In our Russian realities, it would be more accurate to replace the word "lunch" with "privatization", and then everything will fall into place. The process of transition of state (public) property into private hands, which began in 1991 with the collapse of the USSR, in fact, never stopped, it was simply replaced by various euphemisms.

"Unexpected offer

The day before, at a meeting with the head of VTB Andrei Kostin, President Putin stunned the banker with an unexpected, but extremely pleasant and generous offer, which he could not refuse. The head of state said that a controlling stake in the United Shipbuilding Corporation (USC) would be transferred to the bank's trust management for the next 5 years:

The government of the Russian Federation worked through the issue and came up with a proposal to transfer the state-owned stake in the United Shipbuilding Corporation to VTB. I support this proposal, I know that your colleagues have also discussed this with you and worked it out in advance.

At this, Mr. Kostin was deliberately slightly embarrassed, but expressed his readiness to roll up his sleeves and start lifting domestic shipbuilding from his knees:

Vladimir Vladimirovich, thank you for your trust. When I first heard about it, it was, of course, quite unexpected.

The reaction of the expert community and the general public to this event was not so unequivocal. What is OSK?

The United Shipbuilding Corporation represents almost the entire shipbuilding industry of our country, accounting for 80% of all military and civil orders. This includes Admiralty Shipyards, Vyborg Shipyard, Severnaya Verf, Sevmash, Krasnoe Sormovo and others. From its slipways, transport, fishing and passenger ships, icebreakers, combat and patrol ships, as well as submarines are launched into the water. In general, this is, without exaggeration, an entire industry of strategic importance, which has increased even more in the conditions of economic and technological isolation. Why was it necessary to transfer it to bankers for trust management?

The question is very interesting. On the one hand, Western sanctions have dealt a serious blow to the performance of the USC, as Alexei Rakhmanov, CEO of the state corporation, recently complained about. interview Interfax:

Basically, the decrease is due to the fact that some of the orders were postponed, and some of the ships were transferred late. This happened due to a disruption in the supply of component equipment. In addition, the fishing boats were designed by foreigners - and equipped with them. Yes, they are ultra-modern, the most technologically advanced, but, unfortunately, these are all foreign deliveries, which, under the conditions of severe sanctions, have significantly knocked us down from two points of view. Firstly, we did not receive the equipment itself, and secondly, the foreigners refused to perform commissioning.

Strictly speaking, why be surprised? This is a natural result of three decades of attempts to integrate into the global division of labor as junior partners and semi-colonies of raw materials. The same problems are now experienced by the civil aircraft industry and other high-tech industries. By the way, will they also be handed over to banks for management?

On the other hand, there have been serious complaints about the efficiency of the USC, in particular, on delaying the deadlines, for a very long time. But this is another consequence of betting on monstrous state corporations and financial policies government, forcing to take loans for development from commercial banks at high interest rates. Mr. Rakhmanov himself spoke about this in the same interview in plain text:

We are talking about only one thing: to engage in technical re-equipment at the rates of commercial banks means to drive yourself into a financial hole. And that's the only comment I can make. We are ready to exit through any instrument, including direct capitalization, but direct capitalization requires money from the budget. If we consider the bond program, then we need to understand that we are not very interested in a coupon rate of 8-9%. There must be special conditions and a closed subscription so that we understand who these investors are and why they invest in the corporation.

I am absolutely convinced that if measures of state regulation of pricing on orders are implemented, then we will be able to service both bond loans and other solutions in which there is a payment for money. We have a financial model: a net profit margin of 8-12% will allow us not to apply for any state support measures.

And what did the government represented by the Ministry of Industry and Trade do? Instead of changing the top management of an inefficiently managed state corporation and / or changing the model for financing the work of the entire industry, it gave USC to the trust management of the same bankers from VTB. In a way, even logical.


Both the Cabinet of Ministers and VTB hastened to assure the worried population that it was just a trust management for a period of 5 years, and the bankers would not sell off the assets of the state corporation in parts. However, for some reason, not everyone believed in it.

Perhaps the reason is that last spring, Mr. Kostin himself publicly advocated another Big Privatization, whose policy article we discussed in detail earlier.. It seems that there, “at the top”, they appreciated the extremely negative reaction of the general public to the proposal of the head of VTB to “take away and divide” everything left from the state and decided to satisfy the greed of banks in another way.

Recall that among the assets that the bankers laid eyes on was the United Shipbuilding Corporation, which is so inefficiently managed by the state. Obviously, within the framework of liberal economic thought, USC must first be “optimized”, and then start selling off non-core assets into more efficient private hands, right?

Colleagues from Kommersant lead expert opinion of Nadezhda Malysheva, editor-in-chief of the PortNews media group, who believes that in the medium term the bank may consider the future of Baltzavod and other civil assets. It sounds quite plausible.
Dear reader, to leave comments on the publication, you must sign in.
  1. passing by Offline passing by
    passing by (passing by) 12 August 2023 13: 10
    war is war, and Russia's lunar program is developing. VTB duplicates Sberbank where it is not solved for one reason or another. long time no news.
  2. Alexey Lan Offline Alexey Lan
    Alexey Lan (Alexey Lantukh) 12 August 2023 13: 36
    I am familiar with the management of VTB and Sberbank. One thing I will say is that the qualifications and management in Sberbank are better. Why VTB was chosen is a mystery. There may be motives unknown to us.
  3. AlexSam Offline AlexSam
    AlexSam (Alexey) 12 August 2023 18: 29
    Quote: Alexey Lan
    Why VTB was chosen is a mystery

    Leningraders are my children.
    Leningraders are my pride...

    Kostin trusts more than Sberov tridvaras.
    I congratulate all of us on the start of a new stage of privatization.
  4. Pro100 Offline Pro100
    Pro100 12 August 2023 22: 16
    Bankers-shipbuilders, something new, almost like sportsmen-deputies or propagandist artists or like a gynecologist, generalists.
  5. vlad127490 Offline vlad127490
    vlad127490 (Vlad Gor) 13 August 2023 00: 35
    Another cut of state property is being prepared.
  6. pavel spb Offline pavel spb
    pavel spb (Pavel Tipin) 13 August 2023 05: 54
    First, such a symbiosis had to be tested at a football club.
  7. 1_2 Offline 1_2
    1_2 (Ducks are flying) 13 August 2023 15: 55
    well, why? Kostin brought VTB to bankruptcy, there is no more money, now he can rent shipyards for metal and buy another mansion for ten million dollars for his Azeri TV presenter
  8. Gamulin Vladimir (Vladimir Gamulin) 14 August 2023 00: 40
    Walking on a rake is a favorite sport of the authorities in Russia - the article mentions the merits of the Ministry of Industry and Trade in reviving the civil aircraft industry in the Russian Federation. As you know, the "Dry Superjet" was blinded from foreign components, today it went off the radar.
    Reality (sanctions) forced the management of the industry to recall Soviet technologies, the developments of pre-capitalist science, now it is all being introduced and promoted - and all this is done by the same people courageously overcoming the difficulties of the sanctions regime and knowing what their experiences with financing and division of labor in high-tech they will not even be scolded in production and this will not affect the thickness of the wallet ..
    One of the slogans of industrial construction in the USSR was

    Cadres decide everything

    Of course, Manturov is a very large specialist, because he leads almost two multidirectional (in my opinion) areas - industry and trade, and at the same time remains unsinkable. Apparently, this awaits the ships and vessels of the updated USC under the guidance of shipbuilder bankers.
  9. Potapov Offline Potapov
    Potapov (Valery) 14 August 2023 08: 34
    The effectiveness of the actions of the 70-year-old president is growing rapidly. The icon - churches, shipbuilding enterprises - to bankers ... The unity of clean hands, cold heads and warm hearts ......
  10. scolopendra Offline scolopendra
    scolopendra (Kirill Sazonov) 14 August 2023 09: 25
    Danone was also handed over to extremely efficient hands. It seems to me that Putin buys loyalty with these assets.
  11. Andrey Andreev_2 (Andrey Andreev) 14 August 2023 12: 26
    Everyone will not get drunk, nits ...
  12. Elena123 Offline Elena123
    Elena123 (elena) 15 August 2023 08: 17
    All profitable industries should, must be only and only in state ownership, everything related to military defense, natural resources should be ONLY in state ownership. Attract competent managers, engineers, technicians and monitor data leaks. Nothing should be in private hands. Let the oligarchs build factories for themselves, and not give them everything at the ready. We've been building all of this for decades, and they get everything for free and then sell it off. They are not interested in shipbuilding, where payback comes only after ten years of operation of the vessel, and this depends on many factors.
  13. Flight Offline Flight
    Flight (voi) 16 August 2023 01: 38
    This is what it means to remember your friends. Vyaknul - I want, hold on. This is not the voice of the house manager. For 5 years, you can do so much, in your pocket, of course.
    1. Flight Offline Flight
      Flight (voi) 17 August 2023 00: 17
      Chubais faded away, but promised to return.
  14. wladimirjankov Offline wladimirjankov
    wladimirjankov (Vladimir Yankov) 22 August 2023 12: 48
    our government and the officials who represent it, as always, failed to organize the work of the shipbuilding industry. And with what and where did it actually cope? There are no real statesmen in the government who are able to understand how to raise and develop shipbuilding, in which direction to move, to find and rally people who can solve the tasks. Instead, the members of the government responsible for this branch of the economy stepped aside, let everything take its course. Now, when our shipbuilding is at an impasse, many plans have collapsed, the deadlines for projects have fallen through, the government has decided to relieve itself of all responsibility for this and shift the solution of the accumulated problems to VTB Bank. In fact, this means that USC has gone bankrupt and is being transferred to external management by its main creditor, VTB. It is not clear how this financial institution will manage shipbuilding. Where all this will lead is not clear. But apparently nothing good will come of this for the industry. USC is not just a bankrupt ordinary bank that can be given to VTB for reorganization. It's a completely different story.
  15. guest Offline guest
    guest 22 August 2023 14: 34
    Why management of the Russian shipbuilding industry was given to bankers from VTB

    To finally bury this shipbuilding.