President of Russia Vladimir Putin: Mr Puchkov, would you like to begin?
USC CEO Andrei Puchkov: Mr Kostin would like to have the floor.
Vladimir Putin: Yes, please.
Chairman of the Board of Directors of the United Shipbuilding Corporation (USC), CEO of VTB Bank Andrei Kostin: Mr President, I would like to start with the company’s performance in 2024–2025.
One of our tasks was to stabilise the company’s financial position. Last year, we achieved a positive financial result and for the first time in several years posted a profit.
What is especially encouraging is that the 2025 acceptance programme is truly unprecedented for the United Shipbuilding Corporation. This year, we plan to commission more than 50 military and civilian vessels: the largest number in the entire 18-year history of USC.
Meanwhile, we are also upgrading and developing our production capacities, including mechanical engineering and marine instrumentation.
I believe there also are positive shifts in the field of civil shipbuilding. Let me give an example. In July, we delivered a high-quality river-sea class cruise ship, built at the Krasnoye Sormovo plant in Nizhny Novgorod. It is designed to accommodate 176 passengers and will replace the aging vessels still in operation since the times of the East Germany.
Vladimir Putin: This is the first one in how many years? About 30 years?
Andrei Kostin: In fact, Mr President, only the old GDR ships are still running along our rivers. So yes, it has been a very long time.
Now, we already have new orders for similar ships. This gives us great prospects, especially for the development of domestic tourism, which I consider a very important task.
I believe we are also progressing successfully on the state defence order. Today, you gave the go-ahead to raise the flag on a new nuclear-powered missile submarine. In March, the Perm submarine was rolled out of the slipway. And of course, one of the major milestones for us is the completion of repairs on the Admiral Nakhimov cruiser. It is currently undergoing tests and, in the near future, we believe it will officially join the combat strength of the Russian Navy.
Vladimir Putin: Mr Kostin, it seems it wasn’t in vain that I once asked VTB Bank to take part in the work of the United Shipbuilding Corporation.
Andrei Kostin: You never do anything in vain, that’s true.
Vladimir Putin: Everyone makes mistakes, but here, in my opinion, we did not.
Andrei Kostin: Thank you for your support. Without it, we would not have achieved these results, honestly. We rely on you very much. Thank you very much.
Vladimir Putin: Thank you. Mr Puchkov, do you have anything to add?
Andrei Puchkov: Yes, I do.
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