Vladimir Putin signed a law allowing Russian carriers to pay creditors from “unfriendly countries” for the leasing, renting, and purchasing of aircraft in rubles !

Russia enabled a temporary procedure for performance of financial obligations in the transport sphere for certain foreign creditors.

Russia is exploring ways to keep it's Civil  Aviation industry active after being snubbed on multiple fronts to seize service , support and transactions to it's registered aircraft.

Russian President Vladimir Putin signed a law on Friday allowing the nation’s airline companies to pay creditors from “unfriendly countries” for the leasing, renting, and purchasing of aircraft in Russian 'rubles'. The ruling mainly concerns Boeing and Airbus planes flown by Russian airlines.

According to the document, published on a legal information portal, the funds will be transferred to an account opened with an unsanctioned Russian bank. The same applies to the leasing and purchase of auxiliary power units and aircraft engines.

• On 26th March , Russia had imposed restrictions on the movement of funds that could be transferred to "unfriendly" countries and regions, as per a statement from its central bank.
• The central bank had also mentioned, the measure was taken in response to the freezing of part of Russia's gold and foreign currency reserves in some countries.

Payments will be calculated based on the Russian Central Bank’s exchange rate on the date of fulfillment of obligations. Payments in foreign currency can only be approved by a special government commission, the decree states.

Earlier , owing to western sanctions, Leasing companies scrapped their contracts with Russian airlines last month and demanded that they return 500 planes, that banned saw the supply of aircraft and aircraft parts to Russia .

In response, Putin signed a law allowing Russian airlines to re-register foreign-owned airplanes and continue flying them domestically.

Published document says , Russian airlines will be able to transfer leasing payments to foreign companies in rubles.

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