Russian government and VTB Bank draft support plan for Aeroflot

Russia has drafted a support plan for Aeroflot in which the government and state bank VTB would gain newly issued shares into the country’s biggest airline, which has been hit by the coronavirus crisis. The Russian Direct Investment Fund may take part in that share issue along with the state and VTB. The state plans to buy shares worth RUB 50bn, with VTB and RDIF buying shares worth RUB 15bn each. According to Reuters, an RDIF spokesman said that the fund, along with some international partners, was considering investing in Aeroflot, without providing details. Aeroflot, 51.2% state-owned, was hit hard by the coronavirus pandemic, as countries shut down borders, while Russians were in lockdown for two months from late March.