Russian government to help domestic airlines buy foreign leased planes - Kommersant

  • The Russian government will offer domestic airlines subsidies to help them purchase aircraft they currently have on lease from foreign companies, the Kommersant business daily reported on Wednesday.
  • Carriers will be offered preferential government-backed loans at a rate of 1.5% for 15-year terms, with funds being allocated from Russia’s National Welfare Fund, according to a letter sent by the transport ministry to airlines.

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  • The ministry asked companies to provide an estimate of how many planes they want to buy and how much financial support they would need.
  • Russia's aircraft industry - heavily reliant on Airbus and Boeing planes and parts - was hit with heavy Western sanctions. Kommersant cites a source in the industry saying it is unlikely Russian carriers will be able to buy many jets from Western leasing companies due to sanctions. 
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Source: Reuters

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