Russian airlines want to make their payments to foreign lessors in rubles in the future. Ten airlines have opened so-called C accounts for this purpose. A decree by Vladimir Putin stipulates that debts to companies from "unfriendly states" are to be paid in rubles via such accounts.

According to a report by the business daily Vedomosti, Aeroflot, Pobeda, Rossiya, S7 Airlines, Smartavia, Alrosa, Aurora, Polar Airlines, Yakutia Airlines and Yamal Airlines have already opted for the C accounts. Preparations are said to be underway at iFly Airlines, Izhavia, NordStar, Ural Airlines and Rusline.

The carriers S7 Airlines, Aeroflot and Smartavia have confirmed that such special accounts have been set up with reference to the decree of March 5, 2022. The leasing installments are transferred to them in Russian rubles. So far, no money has flowed to the owners of the planes and there is said to be an obscure reason for this: the Russian government wants the deposits deposited to be “used up” first. Depending on the lessor, a security deposit of three to eight months must be deposited. Alternatively, bank guarantees are also accepted.

Actually, the contracts do not provide for the deposit to be “used up”. Nevertheless, this is exactly what Russian airlines do. In the future, the lessors should be able to “pick up” the payments in rubles from the C accounts. These are ruled by the Russian government, so the owners of the planes are more or less dependent on godwill.

For western lessors, however, this is a problem because western sanctions prohibit business relationships with Russian airlines. The Russian government is of the opinion that the money in the so-called C accounts will be managed “in trust” until the lessor collects it.