28.05.2026, 15:03
The cost of ship construction in Russia will be reduced
Source: OREANDA-NEWS
OREANDA-NEWS The United Shipbuilding Corporation (USC) may receive 93.4 billion rubles from the budget in 2026, which is 2.4 times less than a year earlier. This is with reference to the recommendation of the VTB Bank Supervisory Board to pay 25 percent of net profit as dividends for 2025, Vedomosti writes.
As follows from the decree of the President of the country, Vladimir Putin, dated June last year, the state's share of the dividends of the financial institution (74.45 percent) by the end of 2024-2028 is sent to USC to modernize the capacities of enterprises that are part of the corporation.
This amount is derived from the fact that VTB's net profit under IFRS (International Financial Reporting Standards) fell to 502.1 billion rubles last year.
The reduction in USC's financing could have been much smaller if the dividend payout ratio had not been reduced from 50 to 25 percent. However, as Igor Dodonov, an analyst at Finam Financial Group, explained, in this case VTB could face a dangerous reduction in capital adequacy ratios, so that they would be close to regulatory minimums.
The bank has been in control of USC since August 2023, and 100 percent of the corporation's shares have been transferred to its trust management in order to improve its financial health. Against this background, USC has already signed a number of major agreements on the construction and modernization of enterprises, however, if financing is reduced, the implementation of some will be postponed.
Last year, Andrey Kostin, the head of VTB and chairman of the Board of directors of USC, noted that the shortage of funds in the corporation in the period up to 2030 amounts to 1.03 trillion rubles. This amount includes the completion of unprofitable orders and the repayment of obligations that do not have sources of financing. At the same time, he said that the corporation would have to identify a list of inefficient shipyards for further sale.
Earlier it was reported that the government decided to withdraw funding from the federal budget for the replacement of the age fleet in Russia. Instead, additional fees are planned, which are expected to generate 210 billion rubles in 2026-2030. If it is not possible to collect the necessary amount of funds from the business, then USC enterprises will begin to close.
As follows from the decree of the President of the country, Vladimir Putin, dated June last year, the state's share of the dividends of the financial institution (74.45 percent) by the end of 2024-2028 is sent to USC to modernize the capacities of enterprises that are part of the corporation.
This amount is derived from the fact that VTB's net profit under IFRS (International Financial Reporting Standards) fell to 502.1 billion rubles last year.
The reduction in USC's financing could have been much smaller if the dividend payout ratio had not been reduced from 50 to 25 percent. However, as Igor Dodonov, an analyst at Finam Financial Group, explained, in this case VTB could face a dangerous reduction in capital adequacy ratios, so that they would be close to regulatory minimums.
The bank has been in control of USC since August 2023, and 100 percent of the corporation's shares have been transferred to its trust management in order to improve its financial health. Against this background, USC has already signed a number of major agreements on the construction and modernization of enterprises, however, if financing is reduced, the implementation of some will be postponed.
Last year, Andrey Kostin, the head of VTB and chairman of the Board of directors of USC, noted that the shortage of funds in the corporation in the period up to 2030 amounts to 1.03 trillion rubles. This amount includes the completion of unprofitable orders and the repayment of obligations that do not have sources of financing. At the same time, he said that the corporation would have to identify a list of inefficient shipyards for further sale.
Earlier it was reported that the government decided to withdraw funding from the federal budget for the replacement of the age fleet in Russia. Instead, additional fees are planned, which are expected to generate 210 billion rubles in 2026-2030. If it is not possible to collect the necessary amount of funds from the business, then USC enterprises will begin to close.
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