Calls for additional financial support for key sectors of the Russian economy are becoming increasingly frequent, not only in the regions but also in cities with populations exceeding one million. In St Petersburg, concerns are mounting over the suspension of passenger fleet renewal, while Russia's Construction Ministry is urging banks to mobilise resources to support major property developers.
Yuriy Nabatov, CEO of Neva Travel, told a meeting of the relevant committee of the St Petersburg Legislative Assembly that although the city's shipyards are still capable of building passenger vessels, the local market lacks the necessary business and financing conditions.
The company has already spent more than 100 million roubles on vessel design, but the projects have made no further progress.
Meanwhile, the federal authorities are looking for ways to prevent a crisis in the construction sector. Russian Construction Minister Irek Fayzullin has called on banks to mobilise resources to support major developers.
According to the Construction Ministry, additional credit facilities should be directed primarily towards ongoing construction projects to prevent work from being suspended and delays in handing over apartments to buyers.
In September, it also emerged that St Petersburg could fall short of its 2026 housing completion target. Estimates based on available data suggest a potential shortfall of approximately one million square metres.
These developments reflect a broader trend in Russia: mounting financial pressure on the economy, with the authorities increasingly forced to support construction, transport and other civilian sectors simultaneously.
Officials are attempting to contain the crisis through direct intervention and tighter controls. However, persistent funding shortages are making efforts to rescue key industries increasingly unrealistic.
