Aerospace
Russia to invest $14.5B to boost home-grown jet production.
By the end of 2030, Russia will invest 770 billion rubles ($14.5 billion) to strengthen its aviation sector in an effort to increase domestic aircraft production, according to a report from the Russian state news agency TASS on June 27, 2022.Russian Prime Minister Mikhail Mishustin stated during a meeting with his deputies that of the 770 billion rubles, 150 billion (US$2.8 billion) will be allocated to the nation’s air transport industry by the end of 2022.
To build the effective infrastructure that the sector needs, a lot of effort needs to be done, according to Mishustin. By 2030, “Russian airlines fleet should contain 81 percent domestically made aircraft. “The news comes just one week after Russian Minister of Trade and Industry Denis Manturov announced that Russia will produce more than 1000 local airliners by 2030.
The aviation firms demonstrated their ability to meet the needs of civil aviation by 2030 while replacing foreign-made components with Russian-made ones and updating the manufacturing process where appropriate, Manturov added.
As a result of sanctions put in place by the West in response to Russia’s full-scale invasion of Ukraine, the Russian aviation industry has suffered. Russian planes are no longer permitted to travel to locations in Europe, the United States, Canada, and other countries. Following Russia’s invasion of Ukraine, Boeing, Airbus, Embraer, and Bombardier have also stopped working with Russian airlines.
