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Eastern Europe

Russian Air Travel Could Soon Be A Thing Of The Past As Aircraft Leasing Companies Begin To Seize Planes

Image by Anna Zvereva

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Air travel to and from the Russian Federation may be a thing of the past for most, at least temporarily, as aircraft-leasing companies begin to seize aircraft on international flights.

This will undoubtable negative effect Boeing and Airbus as order flow will decrease from Moscow.

Those who are still in Russia have little time left to decide whether they will leave. The Western sanctions imposed on Russian airlines mean there will soon be few planes left able to fly (most of the aircraft used by Russian airlines are Airbus or Boeing and are leased from European Union countries, or insured by European companies). Russia’s Federal Agency for Air Transport said Saturday it was recommending all Russian airlines halt international flights because there was a growing risk that their planes would be seized when abroad. By Tuesday, the only way to leave Russia by air is likely to be on foreign carriers like Turkish Airlines that continue to operate in Russia, wrote Russian independent news outlet The Bell.

The Caucasus seem to be the main destination at the moment for those feeling the Russian Federation.

Many other Western corporations are leaving Russia or looking for other options.

The list of Western companies that are leaving Russia grows by the hour: from electronics company Samsung, to Swedish furniture-maker IKEA, accommodation site Airbnb and oil giants BPExxon Mobil and Shell. In many cases, there is unlikely to be a sale — the company’s offices, or manufacturing facilities will simply be liquidated. Aware of the risks of mass redundancies this poses, Russia has threatened foreign companies with what amounts to nationalization. The government said in a statement that foreign companies looking for an exit have three options, added The Bell.

  • Re-think and remain in Russia.
  • Allow foreign shareholders to handover their assets to Russian partners, which means they could, at some point in the future, return to the Russian market. Some investors have already chosen this option, according to Kremlin aide Andrei Belousov.
  • Complete their shutdown and fire all their employees — but the Russian authorities will treat this as ‘deliberate bankruptcy’ (thus giving them the right to intervene to save jobs). Criminal prosecutions in cases of ‘deliberate bankruptcy’ are also possible.

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2 comments

Ben Colder March 9, 2022 at 11:27 am

Russia should be isolated after what Adolf Putin has done he is no better than Hitler and maybe worse. The rest of the world should just shun the bastards take all their airplanes they have never built one they did not steal and reverse engineer any way they are not that smart in the first place why do they have to lease planes? The Russians have killed just as many people as Hitler and the China bastards.

Reply
T-bo March 9, 2022 at 1:42 pm

What’s the balance sheet of Turkish Air?

Reply

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