Violation of financial discipline is not in Russia’s interests – Putin

Putin criticized the head of USC for unprofitable contracts

Russian President Vladimir Putin criticized the head of the United Shipbuilding Corporation (USC) for unprofitable contacts. He noted that the violation of financial discipline is not in the interests of the country.

Violation of financial discipline is not in Russia's interests - Putin

The head of state held meeting on the development of the shipbuilding industry. The topics were discussed via videoconference. During the meeting, the head of the Ministry of Industry and Trade, Denis Manturov, said that shipbuilders had repeatedly faced the problem of rising construction costs.

“Especially when they signed contracts with a fixed price in the absence of a project. As a result, in order to hand over the vessel, they are forced to take on losses for exceeding the initial cost,” the minister explained.

Putin criticized the work of the USC head in connection with the conclusion of unprofitable contracts. According to the president, the violation of financial discipline is not in Russia’s interests.

Manturov instructed the USC not to sign papers for the construction of ships without obtaining an independent feasibility study. He also announced a financial audit by the end of November – beginning of December. The audit will be organized in the segment of civil shipbuilding.

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