August 26, 2013
The grand plan a few years back looked like this: Russia's aerospace industry would become closely entwined with Europe's. And, based on that cooperation, the Russian sector would gradually reach a world-class level. But the plan turned into a series of disappointments, and now Russia is drawing its own conclusions.
The state-owned Vnesheconombank (VEB) sold its 5% stake in EADS in several steps that concluded this month, ending its role as one of the largest single shareholders. The move, anticipated for years, was triggered by the funding needs of Sukhoi Civil Aircraft Co. (SCAC), a United Aircraft Corp. (UAC) unit. Instead of using state funds directly to secure the company's financing, Russia opted to take the opportunity to dispose of what had become a strategically obsolete shareholding.