The Voronezh aircraft plant (VASO), which manufactures the An-148 airplane in Russia, will not feel the effect of the sanctions that the European Union imposed on the United Aircraft Corporation (UAC), which owns VASO, Abireg reports.

The sanctions restrict the UAC’s ability to borrow funds on foreign capital markets, but this will have no significant impact on the UAC or VASO.

"The corporation completely covers its need for debt capital with borrowing on the Russian capital market. For example, non-resident banks account for less than 1% of the corporation’s consolidated credit portfolio. Banks with predominant state stakes account for most of the corporation’s borrowing - about 60% - and bonds issued in the Russian Federation account for almost 20%. Consequently, the restrictions on UAC’s ability to borrow on foreign capital markets will not have a significant impact on the financial operations of the corporation," the UAC’s Vice President for Economics and Finance Dmitry Yeliseyev said.

According to the press service of VASO, the company is not experiencing problems associated with the imposition of the sanctions. "The plant is operating under the programs of the UAC, and no changes are taking place at the factory in relation to the imposition of the sanctions," the press service said.

In late August, VASO raised RUB 1 billion from Sberbank of Russia for financing the creation of the IL-96-300PU aircraft. The funds will be provided by 28 February 2016.

VASO produces the IL-96-300 and IL-96-400 wide-body airliners and the An-148 short-haul aircraft. Components and power plants for the Sukhoi Superjet-100 airplane, the European Airbus consortium, the An-148 aircraft assembled in Ukraine, and the IL-76MD-90A aircraft are manufactured in cooperation with VASO.