Photo: shutterstock.comReading Time: < 1 minute
On Monday, the number of flights through Kazakhstan’s airspace tripled to more than 450. It is due to European bans on flights by Russian airlines.
The company said it was prepared for an increased workload and would service all flights. The closure of EU airspace to Russian airliners and the prospect of Russia shutting out airlines in response knocked airline shares on Monday, including Finnair, which cut its guidance and saw its shares tumble 21%. Shares in European airlines and airport operators were down 3-6% in early trade.
Without access to Russia’s airspace, carriers will have to divert flights south while also avoiding areas of tension in the Middle East. If these restrictions remain in place for longer, which is likely, Kazakhstan will be in a crucial position for global traffic.