Russian Government Poised to Take Control of Volga-Dnepr's Strategic An-124 Fleet
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The founder of the Russian air cargo giant, Volga-Dnepr Group, Alexey Isaykin, has announced to employees the high probability of the company being transferred to state control in the near future. The statement comes amid operational difficulties due to international sanctions and a growing government interest in its strategic capabilities.
According to the Russian newspaper Kommersant, Isaykin made the announcement during the company's 35th-anniversary celebration in Ulyanovsk. In response to questions about recent audits and searches at the company's offices, the founder acknowledged that the group holds "interest for those who need its services" and that this interest is being shown "taking into account the specifics of the current moment."
"If the motherland says the company must go to serve the motherland, then that's it: nationalization, confiscation, a fair deal, any form...," Isaykin stated, highlighting the inevitability of the decision if required by the state. Sources cited by the Russian media outlet suggest that the transfer of all assets, including MRO (Maintenance, Repair, and Operations) centers, could be finalized in the coming months.
Volga-Dnepr's value primarily lies in its unique fleet, which includes Antonov An-124 "Ruslan" heavy transport aircraft and several Ilyushin Il-76s. These assets are of particular interest to the Russian Ministry of Defence, which has previously collaborated with the airline for the rapid deployment of equipment and logistical support to remote military bases.
Crisis and Strategic Realignment
Before the sanctions imposed in 2022, the Volga-Dnepr Group was a dominant player in the global market for unique and oversized air cargo. The company generated most of its revenue from international operations, working with major energy, aerospace, and even NATO-related contracts.
However, a great part of its fleet was grounded by the subsequent restrictions, which nullified its main competitive advantage. Its subsidiaries, AirBridgeCargo and Atran, are also reporting losses. Current operations are limited to a small number of routes to countries friendly to Russia.
The Fleet's Future
Experts quoted by Kommersant, such as Oleg Panteleev, executive director of the Aviaport consultancy, note that while the company's commercial value was "nullified" by the sanctions, Volga-Dnepr still possesses a highly skilled team, a fleet of aircraft, and, crucially, a large inventory of spare parts that allows the An-124s to remain operational.
For the Russian Ministry of Defence, the "Ruslans" remain an irreplaceable tool. Although some analysts suggest that operating these aircraft may be unprofitable in a purely commercial context, their strategic value to the state is undeniable. With proper maintenance, it is estimated that the An-124s could continue flying until the 2050 horizon.
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