Baku - APA-Economics. Air Armenia, a passengar and cargo airline based in Yerevan, has suspended all passenger flights until at least December 20 over financial difficulties that the firm is blaming on Russia.
Air Armenia says it is unable to continue regular passenger services because of a “panic” among investors and customers over a statement by Russia's federal air navigation service.
Russia's Rosaeronavigatsia announced on September 11 that it would ban Air Armenia from operating flights to Russian cities unless the company paid its outstanding debts by September 21.
Air Armenia said the statement damaged its business reputation and that, as a result, its fleet was reduced to one aircraft.
Other than Russian cities, the airline had been flying to Paris, Frankfurt, and Athens.
Air Armenia was founded as a cargo airline in 2003 and began operating commercial passenger flights in 2013 after the bankruptcy of Armavia.
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