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☆ Russia's VTB to make record profit in 2023 but dividends unlikely, CEO tells RBC
▼ + stars: | 2023-09-10 | by ( ) www.reuters.com time to read: +1 min

The logo of VTB bank is seen at the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 15, 2022. REUTERS/Maxim Shemetov/File Photo Acquire Licensing RightsMOSCOW, Sept 11 (Reuters) - Russia's state-owned VTB bank (VTBR.MM) will make a record profit this year, even though dividends are unlikely, the lender's CEO Andrei Kostin told Russian newspaper RBC in an interview published on Monday. RBC quoted Kostin as saying: "Our profit forecasts this year are good, the year is going well. Our target for net profit is 400 billion roubles ($4.13 billion), but I think we will eventually exceed this level and earn record profits." On the urgent recommendation of the central bank, we have suspended ... dividends," the newspaper quotes Kostin as saying.

Persons: Maxim, Andrei Kostin, Kostin, VTB, Elena Fabrichnaya, Felix Light, Christina Fincher Organizations: St ., Economic, REUTERS, Rights, Russian, RBC, United Shipbuilding Corporation, Kremlin, Thomson Locations: St, St . Petersburg, Saint Petersburg, Russia, Ukraine, India

☆ Russia to equip new nuclear submarines with hypersonic missiles
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Maxim Shemetov/File... Read moreAug 14 (Reuters) - Russia is in the process of equipping its new nuclear submarines with hypersonic Zircon missiles, the head of Russia's largest shipbuilder told the RIA state news agency in an interview published on Monday. "Multi-purpose nuclear submarines of the Yasen-M project will ... be equipped with the Zircon missile system on a regular basis," , Alexei Rakhmanov, chief executive officer of the United Shipbuilding Corporation (USC), told RIA. Yasen-class submarines, also known as Project 885M, are nuclear-powered cruise missile submarines, built to replace Soviet-era nuclear attack submarines as part of a programme to modernise the army and fleet. President Vladimir Putin said earlier this year that Russia would start mass supplies of Zircon missiles as part of the country's efforts to boost its nuclear forces. The Russian multi-purposes frigate Admiral Gorshkov, which has tested its strike capabilities in the western Atlantic Ocean earlier this year, has been already equipped with Zircon missiles.

Persons: Alexei Rakhmanov, Maxim, Read, Vladimir Putin, Gorshkov, Lidia Kelly, Simon Cameron, Moore Organizations: United Shipbuilding Corporation, REUTERS, USC, Zircon, Thomson Locations: Lomonosov, Chukotka, Murmansk, Russia, Russian, Melbourne

☆ Russia equipping submarines with hypersonic missiles; Zelenskyy pledges justice for Kherson attack
▼ + stars: | 2023-08-14 | by ( Karen Gilchrist | ) www.cnbc.com time to read: 1 min

Russia is currently equipping its new nuclear submarines with hypersonic Zircon missiles, the head of the country's largest shipbuilder said in an interview published by the RIA state news agency Monday. Alexei Rakhmanov, chief executive officer of the United Shipbuilding Corporation, said work is "already underway" to fit Yasen-class submarines, otherwise known as Project 885M, with the sea-based hypersonic missiles. In Ukraine, at least three people were injured after a series of Russian drones and missiles hit the port city of Odesa, officials said Monday. Meantime, Ukraine's President Volodymyr Zelenskyy pledged justice after Russian shelling on the southern Kherson region killed seven and injured several more Sunday.

Persons: Alexei Rakhmanov, Volodymyr Zelenskyy Organizations: United Shipbuilding Corporation Locations: Russia, Ukraine, Odesa, Kherson

☆ Seen by the US military as a threat for years, Russia's Yasen-class submarines are now on track to get hypersonic missiles
▼ + stars: | 2023-08-14 | by ( Ryan Pickrell | ) www.businessinsider.com time to read: +7 min

Russia's Yasen-class submarines have long been seen as a tough challenge for the US Navy. A Russian shipbuilding official said that work is underway to arm them with Zircon hypersonic missiles. Russia's Yasen-class nuclear-powered cruise-missile submarines are quiet, difficult to track, heavily armed, and able to conduct attacks against land- and sea-based targets. The Russian Yasen-class submarines "are designed to deploy undetected within cruise-missile range of our coastlines to threaten critical infrastructure during an escalating crisis," the commander said a year later in congressional testimony. It may still be some time before Russia's Yasen-class submarines deploy with hypersonic weapons, but the Admiral Gorshkov set sail earlier this year on a deployment that took it into the Atlantic Ocean armed with Zircon hypersonic missiles.

Persons: Russia's, Alexei Rakhmanov, Dave Johnson, Lev Fedoseyev, Glen VanHerck, Gorshkov, Vladimir Putin, Gorshkov —, Putin, Zumwalt Organizations: US Navy, Service, United Shipbuilding Corporation, US, Naval, Systems, Getty, US Air Force, US Northern Command, North American Aerospace Defense Command, NATO, Russian Navy, Russian Defense Ministry Press Service, AP, Army, Navy, Ingalls Shipbuilding Locations: Wall, Silicon, Russian, Severomorsk, Russia, Barents, China, Virginia, San Diego, Pascagoula , Mississippi, Ingalls

☆ State-owned VTB bank to control Russia's biggest shipbuilding firm for five years
▼ + stars: | 2023-08-10 | by ( ) www.reuters.com time to read: +2 min

[1/3] Russian President Vladimir Putin attends a meeting with CEO of VTB bank Andrei Kostin in Moscow, Russia, August 10, 2023. Sputnik/Mikhail Klimentyev/Kremlin via REUTERSSummaryCompanies VTB to control United Shipbuilding Corporation for five yearsVTB boss Kostin says the news is unexpectedPutin says there are problems at USCMOSCOW, Aug 10 (Reuters) - President Vladimir Putin said on Thursday that the state-owned VTB (VTBR.MM) bank would be given control of the state's 100% stake in United Shipbuilding Corporation (USC), the largest shipbuilding company in Russia. Trade and Industry Minister Denis Manturov specified that VTB would manage the stake in trust for five years. United Shipbuilding Corporation builds vessels for both the civilian and military sectors, operating about 40 shipyards, design offices and repair yards across Russia and employing 95,000 staff. Putin told VTB CEO Andrei Kostin at a televised Kremlin meeting that he supported a government proposal to transfer the stake.

Persons: Vladimir Putin, Andrei Kostin, Mikhail Klimentyev, Kostin, Putin, Denis Manturov, Vladimir Vladimirovich, Manturov, Guy Faulconbridge, Kevin Liffey Organizations: Sputnik, United Shipbuilding Corporation, USC MOSCOW, USC, Trade, Industry, Kremlin, USC JSC, VTB Bank, Thomson Locations: Moscow, Russia, Kremlin

☆ Russia's only aircraft carrier, already sidelined for years, catches fire again
▼ + stars: | 2022-12-23 | by ( Associated Press | ) www.businessinsider.com time to read: +2 min

A fire broke out onboard Russia's sole aircraft carrier on Thursday, Russian state media reported. Reports said the fire on Admiral Kuznetsov was "minor" and quickly extinguished with no casualties. Admiral Kuznetsov is undergoing an overhaul that began in 2017 and will last until at least 2024. Rakhmanov told Russian media in June that he expected the Admiral Kuznetsov to return to service in early 2024, almost three years behind schedule. Designated a "heavy aircraft-carrying cruiser," Admiral Kuznetsov was built in the late 1980s and entered service in 1990, though it wasn't fully operational until 1995.

Both Ukraine and the Russia-installed authorities agree that some grain has been exported from occupied Zaporizhzhia via Crimea. Ukraine says at least a part of the grain that passed through Sevastopol was taken from Ukrainian territories after Russia invaded. Prior to the current war, Syria had imported grain from Crimea on previous occasions since Russia took control of the peninsula, Reuters reported. According to the Refinitiv data, Syria imported about 501,800 tonnes of wheat from Sevastopol this year until the end of November, up from about 28,200 tonnes in the whole of 2021. During a visit to Crimea in January, Syria's economy minister said his country needed 1.5 million tonnes of wheat imports, with Russia providing the majority.

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