Russian airline Aeroflot is selling off foreign assets as passenger numbers crash

Sanctioned Russian airline Aeroflot is selling off its real estate assets in countries that it is no longer able to travel to according to the project “Aviatorshchina.”

Aeroflot is said to be struggling with passenger numbers with those of the last year having fallen below pandemic levels according to Russian news agency Kommersant on Saturday, February 11.

According to both agencies Aeroflot is said to have advertised at least 12 properties located in Hungary, Cyprus, Sweden, Norway, Denmark and Belgium.

Included among the properties for sale is a residential building in Larnaca, Cyprus, that is valued at €1.9 million. A two-bedroom apartment in Oslo is also on the market at €905,000 and an office in Budapest worth €463,000.

Aeroflot was stopped from flying to Europe as part of the sanctions against Russia following the country´s invasion of Ukraine. According to Aviatorshchina the company need to sell off the properties so as not to incur unnecessary maintenance and running costs.

Disposing of non-core assets is not new to the company, which began selling off real estate around the world in 2014. This includes offices, hotels and residential buildings as well as their office building in Kyiv during the same year.

Aeroflot´s passenger numbers are known to have fallen but the selling off of real estate and other foreign assets is an indication that sanctions are hurting the company financially.

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