Russia will need at least two new shipyards as part of efforts to overhaul the sector before 2030, according to a senior official.

Andrey Kostin, the chief executive of Russia’s VTB Bank and chairman of state-owned United Shipbuilding Corp, said there were severe shortages of skilled workers and insufficient capacity as Russia looks to build its fleet following sanctions.

Measures imposed by G7 countries have led to Western shipping pulling out of Russian trades and the rise of a shadow fleet of elderly tankers to keep oil exports flowing.