Western aircraft finding new market in Russia | Aviation International News

Western aircraft finding new market in Russia

Rising oil prices and Europe’s ban on Soviet-era airliners have created a new market for western business jets in Russia.

By Vladimir Karnozov

October 4, 2007

Rising oil prices and Europe’s ban on Soviet-era airliners have created a new market for western business jets in Russia. Russian businessmen have purchased a considerable number of western aircraft in the past two years.

Russia’s oil sales account for a significant amount of surplus hard currency in the country now, with oil prices surpassing all forecasts. In late August crude oil was selling for $50 a barrel, more than twice the Russian government’s prediction of $20 to $22 per barrel. Last year, Russia produced 240 million tons of crude oil, twice the Soviet Union’s record and surpassing Saudi Arabia’s production. The prosperity of the fossil fuel companies, which account for 20 percent of the nation’s economic output, stimulates growth in other industries, increasing the market for business aircraft.

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