Get 40% Off
⚠ Earnings Alert! Which stocks are poised to surge?
See the stocks on our ProPicks radar. These strategies gained 19.7% year-to-date.
Unlock full list

Europe moves to close its skies to Russian planes

Published 27/02/2022, 14:46
Updated 27/02/2022, 14:50
© Reuters. FILE PHOTO: A view shows the first Airbus A350-900 aircraft of Russia's flagship airline Aeroflot during a media presentation at Sheremetyevo International Airport outside Moscow, Russia March 4, 2020. REUTERS/Maxim Shemetov/File Photo

(Reuters) - European nations and Canada moved on Sunday to shut their airspace to Russian aircraft, an unprecedented step aimed at pressuring President Vladimir Putin to end his invasion of Ukraine, the biggest attack on a European state since World War Two.

The ban on Russian jets comes as the airline industry continues to grapple with the effects of the global pandemic that is still straining demand for travel.

Germany and France joined Britain, the Nordics and Baltic states in announcing bans on Russian use of their airspace, a major escalation in a tactic by mostly NATO allies to wage economic war against Putin in retaliation for the invasion.

The West, led by the United States, also unveiled severe financial sanctions against Russia, which has called its assault on Ukraine a "special operation" to dismantle Kyiv "junta", capture dangerous nationalists and destroy Ukraine's military.

Russia is now widely expected to further retaliate against the air blockades and other sanctions. It has already responded to the earliest European airspace bans with its own edicts barring airlines from Britain, Bulgaria and Poland.

Without access to Russia's airways, experts say carriers face diverting flights south while also avoiding areas of tension in the Middle East - adding significant time and cost.

"France is shutting its airspace to all Russian aircraft and airlines from this evening on," French Transport Minister Jean-Baptiste Djebbari said in a tweet, an announcement echoed across continental Europe.

Earlier, Germany's transport ministry said it would close airspace to Russian planes and airlines for three months from Sunday, with the exception of humanitarian aid flights.

Canada also said on Sunday it had shut its airspace to Russian aircraft effective immediately..

Air Canada said it "does not operate to destinations in either the Ukraine or Russia, and at all times, we comply with all airspace restrictions per Transport Canada and the FAA (U.S. Federation Avian Administration)."

Nordic countries Sweden, Finland, Denmark and Iceland also made similar announcements, following on from closures already declared by Britain, Poland, Bulgaria, Czech Republic and Romania. Baltic countries Lithuania, Latvia and Estonia are also closing their airspace to Russian airliners.

© Reuters. FILE PHOTO: A view shows the first Airbus A350-900 aircraft of Russia's flagship airline Aeroflot during a media presentation at Sheremetyevo International Airport outside Moscow, Russia March 4, 2020. REUTERS/Maxim Shemetov/File Photo

"It is now absolutely necessary to proceed with further touch measures to isolate Russia," Swedish EU Minister Hans Dahlgren told public service radio SR.

Finnish Minister of Transport and Communications Timo Harakka said in a tweet late on Saturday that Finland, which shares a long land border with Russia, was preparing a similar closure.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.