One trillion roubles ($16.6bn) will be needed to increase the size of the Russian tanker fleet as it confronts life outside of the mainstream shipping sector, according to the head of the country’s second-largest bank.
Andrey Kostin, president and chairman of VTB Bank, said the modernisation of the fleet and its insurance sector will be vital as Russia pivots from Europe towards India and China in search of markets for its oil and gas.
