Expert: Russia set for airline expansion

ST. PETERSBURG, Russia, June 23 (UPI) -- Russian airlines should be in the market for about 1,000 new planes -- at a price of $110 billion -- in the next two decades, an aviation expert said.

At the St. Petersburg International Economic Forum this week, Sergei Kravchenko, the president of Boeing in Russia, said airlines in both Russia and the Commonwealth of Independent States would continue strong growth.

ITAR-Tass reported Saturday that Russian airlines have grown by 20 percent per year in each of the past five years.

Boeing has positioned itself to be part of future growth, having signed a memorandum of understanding with the Russian bank Sberbank on airline financing and leasing of aircraft.