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Russia supports Uralvagonzavod

22nd September 2015 - 12:00 GMT | by Eugene Gerden in St Petersburg

RSS

The Russian government is providing financial support to state-owned tank manufacturer Uralvagonzavod.

Loss-making business activities have resulted in the company developing a debt load of RUB170 billion despite revenue of RUB127.5 billion ($1.3 billion) in 2014.

Moscow is ploughing RUB16.7 billion ($300 million) into Uralvagonzavod to keep it main research and development and production programmes going.

In addition to state guarantees, Uralvagonzavod hopes to receive state funds worth RUB35.2 billion for recapitalisation.

According to Oleg Siyenko, director general of Uralvagonzavod, the provision of state guarantees will allow the company to implement its investment projects in full, and in particular to

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