Get the latest updates as we post them — right on your browser

. Last Updated: 07/27/2016

Ivanov Set to Oversee Jet Assets

Defense Minister Sergei Ivanov was tapped Thursday to head the board of United Aircraft Corporation, a holding that is being set up to oversee the state's aviation assets.

"A decision has been made to ask Ivanov to head the board of directors," the holding's CEO-designate Alexei Fyodorov told President Vladimir Putin, Interfax reported.

"We will need to ask the prime minister," Putin replied, "but I know his opinion. He'll support it.

"I, too, do not object," Putin added.

Ivanov, who attended the meeting, said the value of the holding's assets was estimated at 95 billion rubles ($3.6 billion).

Ivanov said the state-controlled champion of the aircraft industry would be divided into the four divisions: combat, civil and transport aviation, as well as international cooperation and components.Two independent directors will join the board, Fyodorov said at the meeting with Putin.

Earlier this year, Putin appointed Ivanov, who is a deputy prime minister, to oversee air safety after a series of plane crashes.