Russian shipyard giant hit by sanctions

Russia's biggest shipyard group United Shipbuilding Corporation, with branches in St. Petersburg and elsewhere in Russia, has been placed on the US' sanction list.

Photo: Mikhail Metzel

Russia's largest shipyard group, state-owned United Shipbuilding Corporation, has been placed on the US' sanction list following Russia's alleged military support of the pro-Russian rebels in Ukraine, according to the US authorities' website.

Just a month ago, Russia's Industry and Trade Minister Denis Manturov appointed Alexey Rakhmanov as new CEO of the shipyard group, as part of a whole new strategy to double the company's market shares in civil shipbuilding and repairs, and as supplier to the offshore industry. Among other things, the Russian government has guaranteed that it will ensure optimal conditions for United Shipbuilding Corporation's efforts to secure orders from oil and gas companies.

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