Russia sanctions snarl flights, compound airline industry woes

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HELSINKI/PARIS/CHICAGO - Airlines are bracing for potentially lengthy blockages of key east-west flight corridors after the European Union and Moscow issued tit-for-tat airspace bans and Washington p

ondered similar action in response to Russia's invasion of Ukraine.

But a European official, who asked not to be identified, said the EU had full confidence Washington would follow suit. The sanctions sparked flight cancellations and costly detours, denting the industry's pandemic recovery and dealing a blow to the mainly Ireland-based leasing industry which was ordered to stop dealing with Russian airlines.Without access to Russia's airspace, many carriers will have to divert flights south while also avoiding areas of tension in the Middle East.

Shares in Finnair plunged 21 per cent, leading a retreat in airline stocks which fell more than 4 per cent in Europe and the United States.

 

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