Putin allows Russian airlines to fly $10 billion worth of foreign-owned planes
[ad_1]
Aeroflot Russian Airlines Civil Jet Aircraft manufactured by Airbus at Moscow Sheremetyevo International Airport.
Lightrocket, Getty Images| Lightrocket | Getty Images
The Russian president signed Monday a law allowing domestic flight of the planes, which allowed foreign plane lessors who were trying to get $10 billion in planes back from Russia.
Russia’s aviation market has been shut off by reciprocal and unilateral airspace closures as a result of Russia’s invasion Ukraine. BoeingAirbus and Airbus both stated that they would no longer provide parts for Russian airlines. Russian carriers could be forced to use other planes as parts, which would lead them to become cannibals.
Russian aircraft are made in Western countries. 515 Russian lessors have leased Russian airline fleets with Western-built planes. Aircraft lessors based in EU members Ireland have until March 28th to return the aircraft under EU sanctions.
According to Russia’s state news agency Tass, civil aircraft registered in Russia under new Russian regulations will be allowed by the government of the country to issue airworthiness certificates and to register the aircrafts in the country. This law is in development since last week.
Richard Aboulafia (Managing Director of AeroDynamic Advisory), said that while there are occasional disasters, the concept of an entire market in aviation being removed from service and violating international laws is new.
Aeroflot, and S7 were two Russian airlines that stopped operating internationally last week. Lessors may take over planes if they fly abroad.
[ad_2]
