Russia to spend US$14.5 billion on aircraft amid sanctions
- The Russian aviation industry has been in crisis since the West imposed sanctions banning airlines from flying to destinations such as Europe and the US
- Foreign plane makers have stopped delivering new aircraft, while spare parts for foreign-built planes are in short supply.
Russia’s government announced plans on Monday to invest 770 billion roubles (US$14.5 billion) in the country’s aviation industry by the end of this decade to boost the share of domestically-manufactured aircraft.
The Russian aviation industry has been in crisis since the West imposed sanctions after Moscow’s invasion of Ukraine, banning Russian airlines from flying to destinations in Europe, the United States and other countries.
Russian airlines have largely stopped international flights, after leasing companies said they would seize planes in line with sanctions. Moscow has passed a law allowing the seizure of hundreds of jets in response to those sanctions.
Foreign plane makers have also stopped delivering new aircraft, while spare parts for foreign-built planes are in short supply.
“The share of domestically produced aircraft in the fleet of Russian airlines should grow to 81 per cent by 2030,” Deputy Prime Minister Yury Borisov said in a televised meeting of government officials.
Russia has been pushing to localise aircraft production but only the Sukhoi Superjet regional aircraft is mass-produced inside Russia, while a significant number of its components, including vital engine parts, are imported.