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Putin signs decree on transfer of USC shares to be managed by VTB

The Russian Government is instructed to provide for execution of a relevant agreement within the term of six months

MOSCOW, October 9. /TASS/. Russian President Vladimir Putin approved the transfer of the package of shares held by the government in the United Shipbuilding Corporation (USC) to VTB Bank.

The relevant decree of the head of state has been posted.

"To accept the proposal of the Russian Government on the transfer of 100% shares in JSC United Shipbuilding Corporation to Bank VTB into trust management for the term of five years without holding a tender for the right to enter into the agreement for trust management of shares," the decree reads.

The Russian Government is instructed to provide for execution of a relevant agreement within the term of six months, where "key performance indicators of trust management of shares in the said joint stock company, commitments of their fulfillment and terms of early termination of trust management" will be set forth.

Putin announced the decision to transfer the stake in USC held by the government to VTB on August 10 at the meeting with VTB CEO Andrey Kostin. The press service of the Russian Ministry of Industry noted that USC shares would be under fiduciary management by VTB for five years.

The United Shipbuilding Corporation is the leading and the Russian shipbuilding company in Russia, wholly owned by the state.

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