Russia sets $23 billion aside to replace Boeing and Airbus aircraft

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Russia plans to set aside 1.4 trillion roubles ($22.7 billion) from its sovereign wealth fund to replace foreign aircraft with domestic models, as Western sanctions make it hard to get spare parts to fix foreign planes.

Aircraft leasing companies will be given money to replace Boeing and Airbus airliners with new Russian-built planes, including Sukhoi’s Superjet New and Irkut’s MS-21, Reuters reported.

Russia loses its seat on the ICAO Permanent Council.

“Our aircraft manufacturers will be guaranteed demand for leasing, which will then be used for our domestic airlines,” Finance Minister Anton Siluanov said at a budget committee meeting on Monday in parliament’s lower house, the Duma.

Russia’s aviation industry aims to produce 1,000 airliners by 2030 in a bid to end its reliance on Western aircraft, state-owned conglomerate Rostec said in September.