Russia Planning Sale of Sovcomflot By End of Year
Russia still aims to go ahead this year with the sale of a stake in shipping company Sovcomflot, its economy minister said on Tuesday after the deal was put on hold earlier.
Russia revived a long-running privatization program to boost state revenues and overhaul its corporate management culture after sanctions were imposed over the conflict in Ukraine in 2014. It since then several times postponed deals for state assets rather than sell them cheaply as market conditions deteriorated and the Western sanctions were extended.
Russia had hoped to sell 25 percent of Sovcomflot for 24 billion roubles ($409 million) in May or June but postponed the plan without explanation. In early August, President Donald Trump signed new sanctions aimed at punishing Moscow for alleged meddling in the U.S. election campaign.
The privatization program was “concentrating on the deal with Sovcomflot” for this year, minister Maxim Oreshkin told reporters during a visit to Paris.