Not a takeoff, but a deal. Volga-Dnepr finally found a buyer.

Translation. Region: Russian Federation –

Source: KMZ Cargo – KMZ CARGO –

An important disclaimer is at the bottom of this article.

The transaction is scheduled to be completed in early 2026.

The Volga-Dnepr cargo airline group is being acquired by a new private owner after the state abandoned its plan to buy out its assets, Kommersant reports. EAS Group, founded in February 2025 by Evgeny Solodilin, the former head of Zhukovsky Airport and former CEO of Red Wings, has entered into an agreement to purchase the group. The parties expect to complete the transaction in early 2026. The new owner will have to rebuild the business in an environment dominated by Chinese carriers in the Russian market and under external sanctions.

The buyer is expected to acquire all key assets: three airlines (Volga-Dnepr, Atran, and AirBridgeCargo), as well as the service companies Volga-Dnepr Technics and Volga-Dnepr Engineering. The transaction amount is not disclosed. The group, once a global leader in super-heavy cargo transportation, has been under sanctions from Canada, the EU, the UK, and the US since 2022, paralyzing its international operations. Of its previous fleet, the group currently operates only three An-124 aircraft out of eleven and five Il-76s. Four An-124s have been impounded abroad. Atran's fleet has been reduced from nine Boeing aircraft to two operational An-12s, while AirBridgeCargo has 14 Boeing aircraft in storage, including nine Boeing 747-8s.

Market sources attribute the buyer's choice to its experience in international partnerships, gained during the development of Zhukovsky Airport jointly with Lithuania's ASG and the creation of the cargo carrier Sky Gates with the participation of Azerbaijan's SilkWay. This experience could help resolve one of the primary issues: resolving the status of aircraft stranded abroad. The buyer plans to secure government permission to export nine Boeing 747-8s for return to lessors, as well as regain access to a Boeing 737-800 seized in Cologne and three An-124s, along with a spare parts warehouse in Leipzig. Experts believe the chances of exporting Boeing cargo aircraft are higher than for similar passenger aircraft due to high global demand for these models and the lack of a market for them in Russia, as well as the lack of service conditions and spare parts requirements. The group plans to purchase the remaining Boeing aircraft from their foreign owners for return to service. The company is also considering the possibility of integrating the Il-96-400, Tu-204, and Tu-214 aircraft into its fleet.

Experts directly attribute the group's financial recovery to the successful resolution of the foreign fleet issue. The group's total debt to lessors is estimated at $500 million. Meanwhile, the assets of Volga-Dnepr Airlines are valued at approximately 25 billion rubles, while AirBridgeCargo's grounded fleet is valued at $400-500 million. The total market value of all the group's idle aircraft could reach $1 billion. According to a source familiar with the negotiations, the buyer already has a debt restructuring plan based on the audit results, and there are no current plans to raise budget funds for the settlement. EAS Group expects its international management experience, building on the foundation laid by the group's founder, Alexey Isaykin, to take the group to the next level. A key condition of the deal is the preservation of approximately 1,500 jobs without planned layoffs.

The key challenge for the new owner will be developing a viable business model in the changed market conditions. As Andrey Kramarenko, a senior research fellow at the HSE Institute of Transport Economics, notes, there is currently no market for Boeing 747 freighters in Russia, and none is expected in the foreseeable future. He sees some potential for the Boeing 737-800 in shipments from China, but emphasizes that significant industry experience is required to profit from this market. He also points out the difficulty of returning foreign aircraft to service after they have been idle for a long time without proper maintenance, which is currently impossible to provide in Russia.

Aviaport CEO Oleg Panteleev agrees that returning some of the fleet to service or to its owners is a critical step, as prolonged downtime is financially devastating. However, he believes the group will need to fundamentally revise AirBridgeCargo's previous global logistics model, which was built on round-the-world routes and international sales. Currently, the primary flow is consumer goods imports from China, raising questions about the efficiency of aircraft utilization under one-way loading conditions. Competing with Chinese carriers, which have captured 93% of the market, up from 40% until 2022, will be extremely difficult, especially given the potential increase in passenger flights, which also carry commercial cargo, after the introduction of the visa-free regime. Panteleev also notes that AirBridgeCargo has a valuable set of commercial permits, and efficient aircraft loading at all stages of the flight can improve the project's economics. He believes there should be no problems loading the Boeing 737-800 on domestic routes. The buyer is considering cargo transportation from China as one of the sources of income, hoping to regain the flight rights previously transferred on a temporary basis.

As a reminder, Volga-Dnepr Airlines founder Alexey Isaikin previously announced the possible imminent transfer of the cargo carrier to the state. LR

Publication date: 12/29/2025

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