As part of a revised “maintenance and alignment” package of sanctions against Russia which the Council of the European Union adopted on July 21 was the easing of restrictive measures on aircraft spare parts and technology for the Russian aviation sector.
The value of shares in Aeroflot (SU, Moscow Sheremetyevo) rose 5% on the news, outperforming the rest of the market, so that they reached RUB27.70 rubles (USD0.4766) on the day of the announcement and RUB28.80 (USD0.4954) by the close of July 25.
The raft of clarifications and, in most areas, additional sanctions listed in Council Decision (CFSP) 2022/1271 and Council Regulation (EU) 2022/1269 mentioned aviation only briefly. They now deem it “appropriate” to “allow the sharing of technical assistance with Russia for aviation goods and technology insofar as it is needed to safeguard the technical industrial standard setting work of the International Civil Aviation Organisation (ICAO).”
The sanctions are in response to Russia’s continuing war of aggression against Ukraine, and this seventh package of new measures is “intended to tighten existing economic sanctions targeting Russia, perfect their implementation, and strengthen their effectiveness,” Josep Borrell, high representative for foreign affairs and security policy, said in a statement.
Western sanctions initially took aim at Russia’s airline and aerospace sectors in late February amid international outrage over the invasion of Ukraine, banning the export and sale or transfer of all aircraft, parts, and equipment to the country and all related repair, maintenance, and financial services as well as leasing.
