Russia's second-largest lender, VTB, will not proceed with the acquisition of the Zvezda shipbuilding yard from Rosneft. According to VTB CEO Andrei Kostin, the VTB-owned United Shipbuilding Corporation (USC) is unable to finance the purchase.
Currently, VTB oversees USC, Russia's primary shipbuilder, comprising approximately 40 shipyards, design offices, and repair yards across Russia, with a workforce of 95,000 employees.
Last December, VTB announced discussions with Rosneft regarding the Zvezda acquisition, emphasizing the benefits of consolidating shipbuilding assets within USC.
Kostin informed reporters that the assessment process has ceased, confirming the deal's termination due to USC's financial constraints. Despite this, the facility where Zvezda is located will continue operating under the ownership of another entity.
Zvezda, recognized as Russia's most advanced shipyard, specializes in constructing large Arc7 ice-class tankers capable of navigating 2-meter thick ice, facilitating the transportation of liquefied natural gas (LNG) from Arctic ventures.
Given sanctions prohibiting Russia from obtaining sophisticated marine assets from Western manufacturers due to its military involvement in Ukraine, the country is actively fostering its shipbuilding sector.