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Russian President Vladimir Putin has signed a law allowing the confiscation of foreign aircraft and their use inside the country, as tensions continue to rise between Russia and the West over the invasion of Ukraine.
Foreign aircraft companies operating in Russia until the sanctions were announced can now see their aircraft confiscated from Moscow and used for its own domestic interests, thanks to a new law passed by the Kremlin.
However, for passenger planes, the cost of their maintenance is too high and especially under the guise of sanctions. Given this, the newly enacted law will have a not-so-great impact.
But the move, according to the Wall Street Journal, signals that tensions between Russia and the West are escalating further, as the latter has demanded that Russia be further isolated economically over its decision to invade Ukraine.
Last week, the US announced it would block Russian imports of oil, gas and coal.
The move was announced by President Joe Biden, who also said Russia would be stripped of its “favored country” status in trade relations with the G7 countries.
Many businesses around the world have announced that they will stop their business in Russia due to the occupation of Ukraine.
The Washington Post reported earlier this week that Ukrainian President Volodymyr Zelensky, during a phone call with President Biden, called for an extension of sanctions against Russia and its officials.
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