Russia has launched a competitive tender to select a financial intermediary to organize the sale of a 23.76% stake in Aeroflot, the country’s flagship carrier. The process is led by the federal agency for state property management, Rosimushchestvo, which will mandate the selected firm to prepare and execute the transaction on behalf of the state.
Applications are open from 22 May to 8 June 2026. Candidates must demonstrate proven experience in placing shares on capital markets, reflecting the authorities’ intention to structure the deal through a market-based placement rather than an administrative transfer.
The Russian state currently holds around 51% of Aeroflot’s capital, a legacy of the partial privatization carried out in the 1990s, when 49% was sold to employees while the state retained a 51% controlling stake. Aeroflot remains Russia’s main airline and national flag carrier, playing a central role in domestic air transport and providing services to the government.
The potential sale of 23.76% of the capital, if it comes entirely from state-held shares, could bring the direct state stake below the 50% threshold, with possible implications for formal control, depending on the presence of other public or affiliated shareholders. No timetable has yet been announced for the actual placement or settlement of the shares, and no indicative valuation or price range has been disclosed. Aeroflot has not commented at this stage.