Saint Petersburg Governor signs decree for full state control of subway construction firm

The Saint Petersburg government has assumed 100% ownership of JSC Metrostroy Severnoy Stolitsy. Under a decree signed by the governor on August 19, the VTB Group transferred its remaining 14% stake—consisting of 350 shares—to the city treasury free of charge. The transition follows the 2021 bankruptcy of the original OAO Metrostroy, which was controlled for decades by the Alexandrov family. Creditors of the defunct entity held claims totaling 23 billion rubles. Former General Director Nikolai Alexandrov is currently under investigation for embezzlement; a court has approved a Prosecutor General's Office lawsuit to seize a sports complex valued at over 5.3 billion rubles for the state. Andrey Kostin, VTB Head: The enterprise has reached a stable development trajectory, which allowed for the transfer of management to the city.