VTB Bank and Sberbank prepare project for establishment of new regional carrier

    VTB Bank president Andrey Kostin confirmed work is in progress to prepare a plan for the establishment of a new regional carrier (TASS/RIA Novosti/Kommersant/Rambler News Service, 23-Oct-2018). Mr Kostin said the establishment of the carrier could require a minimum USD1 billion investment and must be conducted under a public-private partnership. Mr Kostin added: “We are currently preparing the project, we hired consultants together with Sberbank… For now we are working on the concept, we have not proposed anything to the government yet”. Russia‘s Federal Air Transport Agency (Rosaviatsiya) Head Aleksandr Neradko said Rosaviatsiya will support the establishment of the carrier on the basis of a public-private partnership and is prepared to participate in consultations about the fleet and network. Mr Kostin added: “Specialists in the aviation industry say foreign aircraft are needed because many of our airports are not suitable for Russian ones, but this is all being worked out”.