According to the Ukrainian Foreign Intelligence Service, Russia has decided to merge several airlines into one holding company – a move that could mean the country’s civil aviation sector problems are deepening.
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Intelligence reports that it is planned to merge the airline “Red Wings”, cargo carrier “SkyGates”, medical aviation company and leasing company “Aviacapital-Service” into one holding company.
The new entity is expected to be managed by “Ilyushin Finance Co.”.
Officially, the reorganization is presented as a desire to centralize management and create a unified aircraft maintenance system.
However, intelligence believes that the real goal is to hide the financial problems of individual assets by merging their financial statements into one holding company.
The intelligence service notes that “Red Wings” can no longer carry out its charter flight program. Of its three “Boeing 777” aircraft, currently only one is used for regular flights, another serves as a backup, and the third is effectively out of service.
Intelligence states that the cargo airline “SkyGates” faces similar challenges.
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It is believed that Russia’s aviation problems stem from technological isolation, an aging aircraft fleet, and a constant shortage of qualified personnel.
Recently, more and more analysts are drawing attention to the deteriorating economic situation in Russia.
Earlier, the Institute for the Study of War (ISW) reported that the Moscow Exchange experienced its largest decline in almost four years, shares of state-owned “VTB Bank” fell to a record low, and Russian business representatives are increasingly pessimistic about the country’s economic prospects.
ISW links these changes to increasing military spending, inflation, labor shortages, and other consequences of Russia’s war with Ukraine.
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