The National Welfare Fund (NWF) is managing a substantial loan program linked to the country’s aviation sector. A remaining portion of 3.5 billion rubles out of an initial 300 billion was reported as unused funds, a detail disclosed by Kommersant. This is one of several episodes illustrating how the fund has been mobilized to support the fleet in a period marked by international sanctions and extended leasing arrangements.
As of now, roughly 150 aircraft have been acquired with these resources. Among them, 86 belong to the Aeroflot group, while the remainder are distributed among Ural Airlines, S7, and the charter operator iFly. The allocation underlines a strategic move to secure aircraft on favorable terms and to stabilize the airline sector during a time of financial and regulatory pressure.
Analysts explain that the remaining funds are being directed toward maintaining viable relationships with foreign lessors whose aircraft have remained on Russian soil since sanctions were imposed last February. The government’s objective appears to be ensuring continued access to essential aviation assets while navigating a complex landscape of international leasing agreements.
The NWF money was provided as a concessional loan with an interest rate of 1.5 percent and a term of 15 years. The leasing arrangement places ownership of the aircraft with NLK-Finance, a company under the supervision of the Federal Agency for Air Transport. Reports indicate that the parent company NSK facilitated the transfer of these funds, highlighting the network of state-linked entities involved in keeping the aviation sector operational.
Some stakeholders suggested that even if the overall budget limit were increased, any additional disbursements from the National Welfare Fund would likely continue to target Aeroflot’s fleet. At present, there is no formal discussion about expanding the fund’s allotment beyond the existing 300 billion rubles. The debate remains centered on how to balance fleet renewal, debt service, and ongoing obligations to foreign lessors within the framework of international sanctions and domestic economic conditions.
Earlier disclosures noted recurring challenges in the sector, including weather-related disruptions and persistent risk factors that have shaped leasing strategies and maintenance planning. Industry observers emphasize the importance of a steady capital flow to preserve flight safety, reliability of service, and the long-term health of the aviation market. (Kommersant)