Flying high, falling hard: how politics hijacked Volga-Dnepr Group

Credit: AirBridgeCargo

AirBridgeCargo Airlines – and the Volga-Dnepr Group – dominated the air cargo scene for at least a decade. Employing thousands of people at its height, and operating 18 Boeing aircraft when it exited the international market in 2022, its sudden departure left something of a void (although of course the fluidity of freight markets meant that void was quickly filled – Challenge Group, for example, stepped rather neatly into that space). 

News that the Volga-Dnepr Group is now seeking a buyer for what’s left of it is a sad tale for a business where many of the current crop of senior air cargo executives across the industry learned their trade. It is thought that founder Alexei Isaykin, who was sanctioned in the west for operating flights on behalf of the Russian government, offered the airline to the government, while under investigation for crimes unknown, in what appeared to be an attempt to stay out of prison.  

But the somewhat ironic government decision – that it would not take on a sanctioned airline – has led the group to seek other ways of keeping its remaining 1,500 staff employed. 

The latest speculation is that the fired former CEO of Red Wings, Yevgeny Solodilin, via his Evraz Avia Servis company, is looking to take on VolgaDnepr Group. Under his plans, the nine Boeing aircraft still not returned will be given back to the lessors; he will (somehow) get the AN-124, which has been held in Toronto, back from Canada; and operate the remaining Russian aircraft fleet.  

Mr Solodilin does have some cargo experience. Two years after becoming the first deputy general director of Zhukovsky Airport, he also headed Gia Cargo, an investor and operator in the airport’s cargo terminal. However, it is worth noting he was fired from Red Wings last year over maintenance concerns and the procurement of spare parts – perhaps his main reason for wanting to return the remining Boeing aircraft.

This latest sliver of hope for Volga-Dnepr staff is at least something – if it is true. Sources at the airline are doubtful however – the news appears to be solely instigated by Mr Solodilin himself, although it is true the group has received a proposal. There is much going on in Russia we do not understand, nor have any transparency into. The picture is likely more nuanced than western media can see. 

Mr Iskaykin may have made mistakes over the years. But – somewhat incredibly – he managed to navigate an extremely challenging environment, and (mostly) done it profitably, successfully and legally (UN bribes notwithstanding). But now he is forced to watch everything he built slipping away, for reasons he cannot control. 

Approaching 80 years old, he is unlikely to be able to start over, even if Russia’s political relations with the west improved. But, as his baby Volga-Dnepr looks set to meet its end – or at least a new future – the air cargo industry should celebrate what he managed to achieve. It’s really quite something, a feat very few have managed. 

So let’s hope that the new incumbent in that space, Israeli carrier Challenge, does not face the same geopolitical turbulence.

Airlines connect countries. It’s governments that break things up.