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Sanctioned — March 2022

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Before the collapse of the Soviet Union Aeroflot was, or claimed to be, the world’s largest airline in terms of passengers carried. Following Putin’s invasion of Ukraine Aeroflot is likely to cease to exist, at least in its current form.

The state agency Rosimushchestvo owns 51.2% of Aeroflot and Rostec, a state conglomerate, has a further 3.3%. There is a free float of about 41% of the shareholding, but the reality is that strategic decisions are centrally planned, notably the state-ordered takeover of Russia’s second largest carrier, Transaero, in 2017. The Aeroflot Group also contains Saint Petersburg-based Russiya and the lower-cost subsidiary Pobeda, which in total carried about 42% of total Russian airline traffic in 2021, down from 46% in 2019.


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