Analysis and evaluation of PJSC Aeroflot's commercial activities in the context of the COVID-19 pandemic and the worsening geopolitical situation
Rubrics: SCIENTIFIC ARTICLES
Authors:
1.
Volga State University of Telecommunications and Informatics
(dekan fakul'teta cifrovoy ekonomiki i massovyh kommunikaciy, docent)
employee
Russian Federation
employee
Russian Federation
2.
Povolga State University of Telecommunications and Informatics
(kafedra «Cifrovaya ekonomika», Associate Professor)
employee
employee
3.
Volga State University of Telecommunications and Informatics
student
student
Type:
Article
Pages:
from 45
to 56
Status:
In work
Received:
14.11.2025
Accepted:
17.11.2025
Published:
17.11.2025
Subject area:
UDC 330
Language:
Russian
Keywords:
PJSC Aeroflot, government subsidies, debt burden, management crisis, fleet obsolescence, staff outflow, artificial viability
Abstract (English):
This study examines the phenomenon of artificially maintaining Aeroflot's operations in the face of unprecedented sanctions restrictions in 2022-2025, where the company has transformed into a classic example of a "zombie corporation" that exists solely through systemic budget injections, administrative redistribution of market assets and forced replacement of technological chains. Of particular scientific interest is the paradox of sanctions survival, which manifests itself in compensating for bans on the supply of aircraft and spare parts through "gray import" mechanisms with a premium of 300-1000%, massive industrial "cannibalism" of the air fleet and the formation of parallel logistics routes through third countries, which led to a fivefold increase in operating costs while reducing passenger traffic. The key conclusion of the study is the statement of the fundamental impossibility of restoring market competitiveness without the complete lifting of the sanctions regime and a fundamental reform of the business model, since current indicators of financial stability demonstrate a pathological dependence on government subsidies that have turned the airline into a permanent recipient of budget funds with zero investment attractiveness.
This study examines the phenomenon of artificially maintaining Aeroflot's operations in the face of unprecedented sanctions restrictions in 2022-2025, where the company has transformed into a classic example of a "zombie corporation" that exists solely through systemic budget injections, administrative redistribution of market assets and forced replacement of technological chains. Of particular scientific interest is the paradox of sanctions survival, which manifests itself in compensating for bans on the supply of aircraft and spare parts through "gray import" mechanisms with a premium of 300-1000%, massive industrial "cannibalism" of the air fleet and the formation of parallel logistics routes through third countries, which led to a fivefold increase in operating costs while reducing passenger traffic. The key conclusion of the study is the statement of the fundamental impossibility of restoring market competitiveness without the complete lifting of the sanctions regime and a fundamental reform of the business model, since current indicators of financial stability demonstrate a pathological dependence on government subsidies that have turned the airline into a permanent recipient of budget funds with zero investment attractiveness.
Keywords:
PJSC Aeroflot, government subsidies, debt burden, management crisis, fleet obsolescence, staff outflow, artificial viability
PJSC Aeroflot, government subsidies, debt burden, management crisis, fleet obsolescence, staff outflow, artificial viability
