News / EAS closes on Volga-Dnepr rescue, but UK arm remains frozen until 2028 

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EAS Group (Evraz Avia Service) is planning to complete the acquisition of Volga-Dnepr Group in the first quarter of 2026, in a rescue operation for Russia’s largest cargo aviation group, according to Russian media. 

The transaction is being led by aviation executive Evgeny Solodilin, who has held senior management roles at Zhukovsky Airport and Red Wings Airlines.

Russian outlets describe the deal as a strategic attempt to stabilise Volga-Dnepr after years of disruption caused by international sanctions imposed in 2022. 

The reported deal would encompass the group’s three cargo airlines – Volga-Dnepr Airlines, AirBridgeCargo (ABC), and Atran – alongside the maintenance, repair, and engineering units, including Volga-Dnepr Technics and Volga-Dnepr Engineering. 

Russian reports stress that Mr Solodilin’s objective is not simply a change of ownership, but a financial and operational rescue. Kommersant says Volga-Dnepr has an estimated $500m of debt to foreign aircraft lessors, while a significant portion of its fleet remains grounded or stranded overseas.

As part of the proposed restructuring, Mr Solodilin has, reportedly, offered to return nine 747-8Fs operated by ABC to their international owners. 

Volga-Dnepr’s operations have been limited largely to domestic Russian routes and selected services to China, India, and the UAE. The group’s operational fleet has also been severely reduced.

Of its 11 An-124 aircraft, only three remain airworthy; ABC’s 14 Boeing freighters are in storage; while Atran operates a small fleet of B737 freighters and some Antonovs as part of its scheduled services. In addition, three An-124s remain blocked in Leipzig, along with a 737-800 grounded in Cologne. 

Mr Solodilin has indicated he will assess the use of Russian-built aircraft, including the Il-96, Tu-204, and Tu-214, to reinforce domestic services and routes within the Eurasian Economic Union (EAEU).

Russian reports suggest success will depend on rebuilding trust with creditors and regaining access to commercial traffic flows, particularly on the Russia-China corridor, now dominated almost entirely by Chinese carriers. 

Although Volga-Dnepr founder Alexey Isaykin previously offered to transfer the group to state ownership, Russia’s Ministry of Transport rejected the proposal, citing concerns that state participation could complicate legal strategies related to sanctions. Under the EAS plan, the stated aim is to preserve around 1,500 jobs and maintain the technical viability of a fleet viewed as strategically important to Russian industrial logistics. 

Alongside fleet restructuring, Russian media highlights Volga-Dnepr’s efforts to reposition itself as a technology provider under Russia’s import-substitution drive. 

On 24 December, aviation outlets reported that 15 aviation and industrial companies were using ASPPAP, Volga-Dnepr’s proprietary flight safety, quality management, and incident-prevention platform. The system has been promoted as a domestic alternative to western safety and compliance software and was developed originally to support An-124 operations. 

A further report, on 31 December, said Volga-Dnepr planned to integrate artificial intelligence capabilities into ASPPAP in 2026, with a focus on predictive safety analytics and operational risk management – reportedly part of the group’s attempt to retain relevance and revenue streams. 

While Russian media portrays the acquisition as ‘advancing’, in the UK, plans have slowed. 

Volga-Dnepr UK, a separately incorporated subsidiary, has been in administration since January 2024, with Teneo Financial Advisory as a joint administrator. In its August progress report to creditors, it confirmed there had been “an approach made to purchase [the company’s] share capital”, but said there had been no material update on that expression of interest. 

The prospective buyer was not named, and any sale would require approval from the UK courts and sanctions authorities. 

The report highlighted that sanctions remained the principal obstacle. With some £2.6m in cash frozen at Citibank in London, the administrators say they cannot realise material assets or book debts without a licence from the US Office of Foreign Assets Control (OFAC). That application remains pending. 

The administration of Volga-Dnepr UK has now been extended to 16 January 2028, pushing the insolvency process well into its fifth year. Teneo said the extension was necessary due to sanctions, unresolved OFAC licensing, and ‘the complexity of asset recovery and creditor claims’.