Alarm in Cyprus as Transaero future looks uncertain

Advert Travel Gazette

An airline which transports thousands of Russian tourists to Cyprus has filed for bankruptcy.

According to RT, the Russian Prime Minister Dmitry Medvedev has given the green light to begin bankruptcy proceedings for Transaero airlines.

Transaero connects Paphos with flights to and from Moscow, while Larnaca connects with the Russian capital and St. Petersburg. Extra services from cities across Russia are operated during the summer months.

Russia is Cyprus’s second largest source of incoming tourism.

Negotiations on a takeover of Russia’s second-biggest carrier by Aeroflot have been deadlocked.

According to sources, Aeroflot took a hard line refusing the Transaero consolidation.

“The process has taken the toughest turn,” the media cites a federal official present at the meeting as saying. “The bankruptcy will proceed according to Russian law,” he added.

Travel Gazette Ads