The United Rocket and Space Corporation (Russian: Объединенная ракетно-космическая корпорация) or URSC is a Russian joint-stock corporation formed by the Russian government in 2013 to renationalize the Russian space sector. The government intended to do so in such a way as to "preserve and enhance the Roscosmos space agency. The reorganization has continued into 2014 with a Sberbank cooperation agreement. As of 2015 it is in the process of merging with the Russian Federal Space Agency to create the Roscosmos State Corporation. Roscosmos Space Agency was abolished in December 2015 and the Roscosmos state-run corporation will take over 1 January 2016.