OREANDA-NEWS Russian President Vladimir Putin signed a decree on the transfer of 100% of the shares of JSC United Shipbuilding Corporation (USC), which are federally owned, to the trust management of VTB for a period of five years, the document was published on Monday on the official Internet portal of legal information.

In accordance with the decree, the Government of the Russian Federation must conclude an appropriate trust management agreement for USC shares within a six-month period, which will define key management performance indicators, obligations to fulfill them and conditions for early termination of trust management.

The decree comes into force from the date of its signing.

The President of the Russian Federation announced the decision to transfer 100% of USC shares to the bank in trust management in August at a meeting with the head of VTB Andrey Kostin. At the end of August, Kostin headed the board of directors of the United Shipbuilding Company, the former first deputy chairman of VTB Andrey Puchkov was appointed CEO of USC.

USC was established in accordance with a presidential decree in 2007, 100% of its shares are federally owned.