The Russian government plans to allocate $3.75 billion (311 billion rubles) to support local airlines and airports as they continue to face international sanctions and operational restrictions amid Russia’s invasion of Ukraine.
Speaking to Russian media on April 11, 2022, the First Deputy Minister of Economic Development Ilya Torosov confirmed that financial support will be provided gradually.
The first step will see approximately $307 million (25 billion rubles) allocated to air carriers to compensate for lost income due to the cancellation of scheduled international and domestic services, and to airports located in southern Russia forced to temporarily close due to the lack of traffic.
Torosov also revealed that the largest financial stimulus package, up to $2.17 billion (180 billion rubles), will be awarded to airlines to cover aircraft lease payments.
“The Bank of Russia agreed with the financial support scheme, which was proposed by the government,” Torosov said.
“According to preliminary calculations, about 180 billion rubles will be required to support airlines in terms of such payments,” he added.
In addition, Russian airlines will also be provided with $1.3 billion (110 billion rubles) to support operations.