Russia's State Transport Leasing Company (STLC) and Finnish state export credit agency Finnvera are financing two new cruiseships at Helsinki Shipyard.

"Three weeks ago, the board of directors of Finnvera approved co-financing the construction of two ice-class expedition ships with STLC," the yard's co-owner, Rishat Bagautdinov, told Interfax.

"The contract with the plant has already been signed, the plant has already received the advance, it's already drawing up the project documentation - that is, the work process has already begun in earnest."

Domestic operator Vodohod is paying EUR 210m ($230m) for the pair.

Keels will be laid in the first quarter of 2020 and the ships should be ready by the autumn of 2021.

They will sail in the Arctic and Antarctic.

Earlier this year, Russia's state United Shipbuilding Corporation (USC) sold the yard to Algodor Holdings, owned by Bagautdinov and Vladimir Kasyanenko.

Their companies operate international shipping and shipbuilding businesses including Vodohod and cargoship owner Pola Group.