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DefenseRussian airlines are preparing to pay in rubles for the leasing of...

Russian airlines are preparing to pay in rubles for the leasing of foreign aircraft

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Dozens of Russian airlines have opened a special account in rubles “C” for leasing payments to foreign companies, Vedomosti reported today, quoted by TASS, citing a federal official and a source close to the government. Russia will service its foreign debt under the ruble gas payment scheme

Among the airlines that are willing to pay for foreign aircraft in rubles are Aeroflot, Pobeda, Russia, Russia, S7 Airlines, Smartia, Yakutia, Alrosa, Yamal “,” Polar Airlines “,” Aurora “, according to the newspaper. Five other airlines – Ural Airlines, Izhavia, Nordstar, Rusline, I Fly – are in the process of opening such accounts, the publication said.

According to an unnamed federal official, no money has yet been received in the C account, as contracts with leasing companies usually include letters of credit (amounting to three monthly lease payments) and maintenance deposits. Thus, the terms for prepaid lease payments for different airlines can vary from three to eight months, and after their expiration, companies will begin to review lease payments, the source said. The Russian ruble continues to appreciate against the dollar

In mid-April, the Russian government imposed temporary rules to fulfill the obligations of Russian airlines and organizations to foreign entities, recalls TASS. The document defines the procedure for implementation in 2022 of contracts providing for the acquisition, lease and leasing of aircraft. If the foreign lessor company has a structural unit registered in Russia, the payments will go to its account in a Russian bank in rubles. The amount will be equal to the value of the liabilities in foreign currency. Payments will be made at the official exchange rate of the Russian Central Bank on the day of fulfillment of obligations.

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