Many European carriers continue to avoid flights to Ukraine.
The climate may gradually become more optimistic about developments in Ukraine, following Russian statements about the gradual withdrawal of its troops from the two countries' borders, and today's Putin-Solz meeting in Moscow, but many European carriers continue to avoid flights to Ukraine.
As for the shares of the airlines, they sank after the tension that prevailed at the weekend due to the arrival of new Russian military forces on the border with Ukraine.
KLM has suspended flights to Ukraine since Saturday as the Dutch government raised its alarm in the red, advising citizens to leave the country as their safety was uncertain.
The Norwegian Air Shuttle also announced on Monday that it would suspend flights over Ukrainian airspace for precautionary reasons, while two other Norwegian airlines resumed flights after a holiday for which insurance companies withdrew their coverage.
German Lufthansa is also considering suspending its flights to that country.
The volatility of the oil price stimulated by the crisis is another threat to the profits of the airlines. Shares of Hungary's Wizz Air Holdings Plc fell as much as 11%, the biggest drop since November. Deutsche Lufthansa AG fell 4,4% in Frankfurt, while Air France-KLM sank 5% in Paris.
Restriction of flights in recent weeks
Airlines have been reducing their presence in Ukraine for weeks as diplomats work to avoid further escalation. Industry companies have generally avoided flights over Ukraine since 2014, when a Malaysia Airlines aircraft was shot down over separatist-controlled territory in the east of the country. It should be noted that commercial flights are still banned over eastern Ukraine and Crimea.
A Norwegian Air Shuttle spokesman said the decision to cancel flights was valid for "a very small number of routes" and would not have a significant effect on its operation.
Ryanair reduced its flight frequencies in January, while KLM was among the airlines that changed routes last month to prevent crews from spending the night in the Ukrainian capital.
For its part, Israel announced that airlines, including El Al, were adding flights to evacuate some 4.500 citizens who had requested to return home by air.
in.gr