Despite a sharp drop in traffic and almost complete collapse of the Russian business aviation sector, the authorities of the Russian Krasnodar region—Russia’s major Black sea resort—are teaming up with private investors to build a large-scale business aviation terminal at the local Gelendzhik Airport. The airport is one of the most modern airports in Southern Russia, having recently undergone a reconstruction that led to an almost doubling of its capacities.
Among the expected investors in the project are VTB Bank and a local businessman, Taimuraz Bolloev. So far, the partners have begun work on the development of a concept for the new business aviation terminal. These plans have been recently confirmed by the airport. Total investment in the project has not been disclosed, but local analysts and sources close to the airport said they may reach two billion rubles ($34 million).
Implementation of these plans will be part of the existing state strategy for turning the Krasnodar region into a new hub of business aviation in Russia. This new hub is occurring because many foreign destinations are now closed to most Russian-registered business jets and their owners due to Ukraine war-related sanctions.