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    President Buhari commissions the new US$100m Ultra-modern MMIA Terminal

    Festus Keyamo – Our Plans for the Murtala Mohammed International Airport Lagos

    Weekly Market Report: NGX rose 0.48% as Conoil shareholders lose 18.89%

    Conoil Plc reports 88.8% drop in profit to N900 million in H1 2025

    Brent crude oil price rise above $70 on OPEC projections

    OPEC+ agrees to increase oil production for September

    Nigeria to concession Enugu, Port Harcourt and three other airports

    Federal Government approves 30-year concession for Enugu Airport

    Only 23% of Nigerians trust INEC- Report says

    Nationwide Voter registration begins August 18 – INEC

    FG approves 300% increase in electricity tariff

    NERC has no authority over state tariff – Enugu Electricity Regulator

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    Breaking: US and EU agree trade deal

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    President Tinubu approves establishment of South-East Investment Company

    President Tinubu approves establishment of South-East Investment Company

    UK tightens visa rules for care workers, skilled workers and students

    UK tightens visa rules for care workers, skilled workers and students

    United States scraps visa dropbox service for Nigerian applicants

    President Donald Trump cancels protection for 500,000 Haitian migrants

    Spain golden visa scheme ends as Portugal and Greece demand increases

    Spain golden visa scheme ends as Portugal and Greece demand increases

    CBN fines nine banks 150 million Naira each for failing to dispense cash

    CBN ends free ATM withdrawals for other banks’customers

    FG increases private university application fee from N5m to N25m

    FG increases private university application fee from N5m to N25m

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    United States scraps visa dropbox service for Nigerian applicants

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Russian-Ukraine War: Boeing and Airbus halts supply of plane components to Russian airlines

Wednesday, 2 March 2022, 9:04 pm
in Business, Industry
0
Russian-Ukraine War: Boeing and Airbus  halts supply of plane components to Russian airlines
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Commercial Aircraft manufacturers, U.S’s Boeing (BA.N) and Europe’s Airbus (AIR.PA) has halted the supply of components and provision of services for Russian airlines.

Boeing said it had “suspended major operations” in Russia, where it also has research and engineering centres.

Airbus said it is halting supply of parts and services to Russian airlines. It said it is also analysing whether is Moscow engineering centre could continue providing services to local customers.

Following the sanctions on Russia across Europe and NATO allies, western lessors are also looking to repossess jets that are operated by Russian carriers.

Read also; US legislation to allow private U.S citizens seize Yachts, Planes & properties of Russians

Lessors have until March 28 to wind up contracts under EU sanctions, but industry executives have expressed concern over whether Russian airlines and courts would comply.

Some 515 planes in Russia are leased from foreign companies, according to Cirium. There are now fears that Russian airlines would cannibalize parts from these leased planes.

Many airlines re-use parts from their own planes, but there have been complaints in the past that struggling airlines elsewhere have taken parts off leased planes, which are off-limits.

Russia’s flagship airliner, Aeroflot and other carriers are facing western crackdown as the effects of sanctions over Russia’s invasion of Ukraine.

Russia accounted for 6% of airline capacity in 2021, according to consultants IBA.

Its airlines have a total of 332 Boeing and 304 Airbus jets, or about two thirds of Russia’s fleet, Cirium Fleets data shows.

In his state of the Union Address, U.S President Joe Biden said that the United States would follow the European Union and Canada in banning Russian fights.

Nnamdi Maduakor
Nnamdi Maduakor

Nnamdi Maduakor is a Writer, Investor and Entrepreneur

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