Sanctions may affect the ability of Vnesheconombank (VEB) to finance deliveries of Boeing and Airbus aircraft for Russian airlines. The bank’s head Vladimir Dmitriev announced this at an investment forum in Sochi, Kommersant reports.

VEB explained that problems might "hypothetically arise regarding future contracts" because of the situation in the currency markets, but it stressed that existing contracts are being implemented.

UTair Passenger Airlines’ head Oleg Semenov said that even delivery of non-Western aircraft such as the Sukhoi Superjet 100 (SSJ-100) has been delayed and, according to him, this is due to "the restrictions imposed on Russian banks." The airplanes are expected to be delivered before the end of the year.

A source in the aviation industry said that companies are unable to obtain financing for transactions involving SSJ-100 and Airbus-321 airplanes because of the sanctions against VEB. A source in a state bank noted that a lease requires a leasing company to purchase an airplane for subsequent transfer to a customer, and such deals require the now-restricted long-term financing. Another source in banking circles said that the sanctions have already provoked a rise in rates on lease payments: "the rates of European banks, to which there was previously access, average 3-6%, the rates of Russian banks are at the level of 8-10%."

Airlines are forced to seek funds in other Russian banks, including Sberbank. However, this financial institution has also come under sanctions from the United States and the European Union, which means that it is experiencing the same problems as VEB. One of the sources did not rule out the possibility of Asian banks acting as alternatives, but the search for funds will take time.

VEB’s VEB-Leasing subsidiary signed an agreement with the Transaero airline on financing the purchase of four Airbus 380 airplanes with the total list price of USD 1.5 billion in 2012. The airplanes are due to arrive in 2015. VEB-Leasing is also financing the purchase of six Boeing 777-300 ER and Airbus 321-200 for the Aeroflot airline. It is also involved in deals for delivery of SSJ-100 airplanes to Aeroflot and UTair. The head of VEB said, "The sanctions regime does not apply to the obligations that partners have already assumed."