Canada has now designated low-cost carrier Popeda, while the United Kingdom has sanctioned the Volga-Dnepr group, amid a concerted increase in sanctions against Russia announced by several governments during the recent G7 summit.
Ottawa did not provide detailed reasons for adding Aeroflot Group’s low-cost aircraft to its sanctions list, but said the latest update to the Special Economic Activities Act “provides technological switchgear and electrical components to companies of Russia’s military-industrial complex in support of Russia’s efforts. In addition, the sanctions target companies involved in sanctions evasion, which Facilitates access to Russia’s sanctioned assets.
The US Office of Foreign Assets Control (OFAC) on May 1, 2024 designated Bobeda for allegedly smuggling parts to Russia. The parent company, Aeroflot Group, is also licensed in the US and UK.
In turn, Volga-Dnepr Group owns Volga-Dnepr Airlines. The Moscow-based holding company is owned by four individuals: Igor Aksyonov, Valery Gabriel, Sergey Dyachkov and Wilton Ginurov, each with a 25% stake. The company suffered significant ownership changes following Russia’s invasion of Ukraine, which led to sanctions against Russian airlines.
At that time, Volga-Dnepr Airlines came under the ownership of Dutch-based holding company Volga-Dnepr Logistics BV. The company was acquired in early October 2022 by its co-founders Alexey Izaikin and Sergey Shklianin. They transferred the Volga-Dnieper Group to its current shareholders – its managers – two weeks later.
Volga-Dnepr Group used to be a partner in Atron and Airbridge Cargo, although currently, both carriers are co-owned by Isaykin and Shklian (both with a 75/25 shareholder split). A holding company is permitted in Canada but not in the United States.
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