Russian cargo airline Volga-Dnepr will reorganize its ownership. The founder and majority owner, Alexey Isaikin, is on the sanctions list in the UK, among others. As a result, foreign aviation companies have had considerable problems.

The German Cargologic Germany had to temporarily suspend flight operations in the spring due to sanctions. There was an explicit instruction from the German authorities on this, which the cargo plane, which belongs to the Volga-Dnepr Group, issued a flight ban. As a result, bankruptcy had to be filed. The provisional liquidator, Lucas Flöther, could not find a buyer and so it had to be announced a few days ago that that Cargologic Germany will be wound up and liquidated.

The newspaper Kommersant writes, among other things, that Alexey Isaikin has withdrawn from all management positions in the group of companies. Control should now lie with the other managers. He no longer has an official position. According to the newspaper's sources in the aviation sector, this should help the group's western companies to continue their work, while Isaikin himself, who has dual Russian and Cypriot citizenship, can focus on his other businesses in Russia and abroad. He had already resigned as director of the UK registered subsidiary of Volga-Dnepr Airlines, CargoLogicAir (UK) in June after sanctions were imposed on him.

"Alexey Isaikin, the founder of Volga-Dnepr, after 45 years in the aviation industry, has decided to step down from the company's shareholders and hand over control to the management, which has 32 years of unique expertise in international air transport," explains Volga-Dnepr in an official statement.

However, the group of companies has an extremely complicated ownership structure, as it is headed by a Liechtenstein-based foundation that is assigned to Isaikin. The group includes companies in numerous countries, including Russia, the United Kingdom, Germany and many others. In aviation, cargo planes are known under the names AirBridgeCargo, Atran, Cargologic and Volga-Dnepr.