Stock Groups

GE says it temporarily paused support of airlines in Russia -Breaking


© Reuters. An GE sign was seen at China International Import Expo, (CIIE), Shanghai China on November 5, 2020. REUTERS/Aly Song

CHICAGO, (Reuters) –General Electric Co said Wednesday that it had temporarily halted its support for airlines in Russia because of the United States sanctions.

Boston-based firm did not provide any details about the support that it was requesting and didn’t immediately reply to our request for comment. The company’s aviation unit design, manufactures, and provides services for commercial and military aircraft engines as well as integrated engine parts and electric power.

According to the statement, it stated that they will operate as per all international laws and regulations.

Global aviation is experiencing ripple effects from sanctions imposed on Russia in response to its invasion of Ukraine.

Russian aircraft and engine makers, lesors and maintenance-, repair and overhaul providers (MRO) with Russian clients are subject to various EU and U.S. restrictions, including bans on leasing or exporting planes.

After some Russian banks were removed from SWIFT, there are potential payment issues.

This announcement comes hours after Boeing (NYSE;) had announced it had stopped providing parts, maintenance, and technical support to Russian airlines. Airbus also stopped supplying parts and services for Russian airlines.

GE indicated that they were evaluating the potential impact of Sanctions on their business and its customers.

GE shares traded up 2.6% in afternoon trade at $94.75

Disclaimer: Fusion MediaWe remind you that this site does not contain accurate or real-time data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.