Russia is facing yet more economic turmoil as the country’s aviation industry is hit with plane shortages and the threat of bankruptcies. According to reports, Russia has been forced to cut down the number of flights leaving the country due to a lack of aircraft.
Commenting on X, former Chief of the National Bank of Ukraine Kyrylo Shevchenko said: “Russian airlines are slashing flights due to a growing plane shortage. No new Boeings, no Airbuses, no spare parts — just vibes and duct tape. Russia promised 1,000 new planes by 2030. They’ve built 5. At this rate, they’ll hit the target in 600 years. Russia’s aviation industry is slowly grounding itself.” Sergei Chemezov, the head of state-owned defence conglomerate Rostec, said last week that Russia needs to replace its foreign-made planes by 2030.
Many aircraft will reach the end of their lifespan, but Western sanctions mean Russia may not be able to source replacements from abroad.
Mr Chemezov added that 30% of Russia’s Western-built passenger planes could be grounded in the next five years.
This comes after reports warned that more than 30 Russian airlines are set to go bankrupt in 2025.
In November, Russian newspaper Izvestia reported that Russian airlines have been bogged down by growing debt that they are unable to pay off due to sanctions.
The report added that Russia‘s largest private airline is scrapping its £65 million turbine engine plant that was set to be built in St Petersburg.
Russia‘s wider economy continues to grapple with soaring inflation, with food prices rising.
The Russian Central Bank has hiked interest rates to 21% in an attempt to bring down inflation – fuelled by Moscow’s huge military spending.
State-controlled gas giant Gazprom also appears to be feeling the force of sanctions. The company recorded a net loss of £9.9 billion in 2024.