Former freighter powerhouse Volga-Dnepr Group faces potential ownership change as financial pressures mount from international sanctions, reports HLPFI’s sister publication Air Cargo News.
Former Russian freighter giant Volga-Dnepr Group could be sold to the ex-chief executive of Red Wings Airlines as the company continues to battle financial difficulties caused by sanctions, according to Russian publication Kommersant.
Quoting sources familiar with the matter, Kommersant said that Yevgeny Solodilin, the former chief executive of Russia’s Zhukovsky Airport and Red Wings Airlines, is in talks to buy the group.
The newspaper said that the two parties have signed an initial agreement, which would cover the purchase of airlines Volga-Dnepr, Atran and AirBridgeCargo, as well as Volga-Dnepr Technics and Volga-Dnepr Engineering.
Solodilin is believed to be in a better position to help the company retrieve impounded aircraft from abroad and negotiate with lessors and Boeing over other aircraft in the fleet.
The group has faced sanctions from Canada, the European Union, the UK and the USA since the outbreak of the war in Ukraine. These sanctions have stopped the group from flying over European and North American airspace, which has limited its operations.
One of its AN-124 aircraft has also been seized by Canadian authorities as part of sanctions and has been stuck at Toronto Pearson Airport since 2022. Another three are also reported to have been impounded abroad.
Meanwhile, Alexey Isaykin (Alexei Isaikin), the founder and owner of the group, has also been placed on sanctions lists. In 2022, reports suggested that he had transferred ownership of the company to management as a result.
According to fleet tracking website Planespotters, Volga-Dnepr currently has seven AN-124s (not including those impounded) and five IL-76s. AirBridgeCargo previously operated Boeing 747 and Boeing 777 freighters and Atran operated Boeing 737 freighters. These aircraft are largely grounded in Russia with lessors looking for their return.
Reports suggest Solodilin would look to return some of the Boeing aircraft to lessors, although this could prove tricky as it would require Moscow’s approval, and to retrieve the stranded AN-124s.
The company would also look to keep some of the Boeing aircraft and add other Russian-built models. Sanctions could also cause issues as the ability transfer of aviation parts between Russia and Western countries is limted.
Earlier this month, the Russian government rejected a proposal to take over the struggling business
