Two of Russia’s top shipyards are in merger talks, a business transaction supported by the nation’s president, Vladimir Putin.
Under the proposed merger, Rosneft-controlled Zvezda Shipyard will become part of United Shipbuilding Corporation which is owned by VTB, a bank.
“The initiative to consolidate shipbuilding assets in the Far East to increase the sector’s efficiency is supported by President Vladimir Putin,” the two parent organisations said in a statement.
Russian shipyard output has been severely hampered following sanctions imposed on the country after its full-scale invasion of Ukraine.
