Russian Post to Renovate Offices for $1.1bn

Russia’s national postal operator Russian Post has approved its development strategy, which plans about 68 billion rubles ($1.1 billion) to be allocated for the upgrade of offices in 2020-2030, the company said this week, according to Finmarket.

“The approved development strategy of the Russian Post for the period of 2020-2030 provides in particular for the upgrade of the majority of post offices by 2030. Up to 68 bln rubles ($1.1 billion) are planned to be allocated for such goals within the period of 2020-2030,” the company said.

The upgrade will make it possible to improve working conditions of the staff, optimize service formats and improve the efficiency of internal business processes in offices, the Russian Post says. Furthermore, offices will require fewer costs as a result of the upgrade.

“42,000 stationary post offices are currently opened in Russia, providing services to about 6 mln clients daily. A significant number of postal communication facilities are obsolete. Repair works were completed lately in 5,000 offices,” the Russian post says.

In October 2019, the Russian Post completed restructuring into a joint-stock company, remaining under full control of the government.

The company also said Monday it has decided to conduct a study on the feasibility of creating a venture fund or participating in existing ones. Russian Post intends to find a contractor who will study this issue for it. The venture capital fund may become part of the innovative development program “Russian Post” until 2024, according to the information posted on Russia’s public procurement website.