Russia Plans Sovcomflot Stake Sale
Russia plans to sell a 7.8 percent stake in shipping giant Sovcomflot to raise funds for its stretched budget. The sale aims to cover a growing deficit driven by rising military spending in Ukraine.
Russia will sell a 7.8% stake in state-controlled shipping giant Sovcomflot to raise about 15 billion roubles ($183.78M) for its federal budget. The sale comes during the fifth year of the war in Ukraine, as military spending surges. The transaction will reduce the state holding to 75% plus one share in the shipping company.
