Rosimushchestvo has begun searching for organizers to sell a 7.8% stake in Sovcomflot, Russia's largest shipping company and one of the key operators of the so-called "shadow fleet" of tankers. This is reported by RBC-Ukraine citing data from The Moscow Times. The state owns 82.8% of the company's shares, meaning about a tenth of the state stake is planned to be put on the secondary market. The proceeds will be channeled into the federal budget to partially cover the deficit.
What Sovcomflot is and why it was chosen
Before the full-scale invasion of Ukraine, Sovcomflot possessed the world's largest fleet of Aframax medium-range tankers, as well as ten icebreakers. The company became a central link in Russia's system for exporting oil and petroleum products bypassing Western sanctions, making it an asset of strategic importance for Moscow. Nevertheless, according to sources, this particular stake was chosen for privatization primarily due to its liquidity and relatively clear market valuation.
Package valuation and placement terms
Freedom Global analyst Vladimir Chernov estimates the value of the stake put up for sale at approximately 15 billion rubles. According to him, the Russian Ministry of Finance could potentially raise this exact amount from the deal. However, the analyst emphasizes: if the shares are offered to a wide range of potential buyers, the price will likely need to be set below the stock exchange price to ensure demand, which will reduce actual budget revenues. Thus, real proceeds may turn out to be lower than the stated estimate.
Military spending as a deficit driver
The privatization of Sovcomflot occurs against the backdrop of another surge in military spending. Next year, 17.1 trillion rubles is earmarked for these purposes, accounting for 35% of all public expenditures. Compared to the 2026 budget, military spending will increase by about a third. Despite the third tax hike in the past three years, the Russian Ministry of Finance forecasts a budget deficit of 5.4 trillion rubles in 2027.
Forecast for 2028–2029
Over the next two years, the budget situation, according to the agency's calculations, will not improve significantly: a deficit of 5.1 trillion rubles is scheduled for 2028, and 5.2 trillion rubles for 2029. This means that even after privatizing part of state-owned assets, Moscow will be forced to seek additional funding sources or make decisions on further cuts to social and infrastructural expenditures.
The context of the deal is supplemented by recent statements from the Russian leadership: according to available reports, Russia no longer views the US peace plan as a working scenario and is preparing to intensify strikes against Ukraine. In particular, Kremlin leader Vladimir Putin stated that Russia is ready for war with Europe. Against this background, the sale of a stake in Sovcomflot looks less like an element of long-term economic strategy and more like an operational tool to mobilize financial resources for current military needs.
