Boeing loses more than 90 jet orders due to war in Ukraine
Russia-Ukraine conflict
Sanctions are hurting Russia more than the West, but Richard Nephew, author of “The Art of Sanctions”, explains why an economic assault on the Russian economy is a delicate dance with unknown consequences.
” data-duration=”02:38″ data-editable=”settings” data-headline=”Here’s why ‘unprecedented’ sanctions are a cat and mouse game” data-index=”idx-0″ data-show-name=”” data-show-url=”” data-source=”CNN Business” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_261a5037fce115efc81d33b12fa0e806-h_90e3f773dbf4ed6b95388e0243f4392f-pageTop@published” data-video-id=”business/2022/03/03/sanctions-russia-putin-ukraine-biden-watch-video.cnn-business” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_261a5037fce115efc81d33b12fa0e806-h_90e3f773dbf4ed6b95388e0243f4392f-pageTop@published”>
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Here’s why ‘unprecedented’ sanctions are a cat and mouse game
Russia has defaulted on its foreign debt after trying to pay in rubles instead of dollars, credit ratings agency S&P has said. This could impact borrowing costs, inflation, relations with investors and more. CNN’s Matt Egan reports.
” data-duration=”01:34″ data-editable=”settings” data-headline=”What Russia’s default on foreign debt means” data-index=”idx-1″ data-show-name=”” data-show-url=”” data-source=”CNNBusiness” data-uri=”archive.cms.cnn.com/_components/video-resource/instances/h_7872a78f8a896443e757780dd47b8635″ data-video-id=”business/2022/04/11/russia-default-foreign-debt-vpx.cnnbusiness” data-video-instance=”archive.cms.cnn.com/_components/video-resource/instances/h_7872a78f8a896443e757780dd47b8635″>
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What Russia’s default on foreign debt means
CNN’s Brian Todd speaks to Russian analysts after Western countries placed sanctions on Putin’s daughters Mariya Putina and Katerina Tikhonova.
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The UK government has claimed up to 60% of what it calls “ill-gotten” Russian gains and foreign reserves have been frozen and that there will soon be nowhere left for such money to hide. But as Nina dos Santos reports, sanctions on the super rich have yet to sway public allegiances, perhaps why the US has now announced the first criminal charges against a Russian oligarch and extended sanctions to Putin’s two eldest daughters. CNN’s Nina dos Santos reports.
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Hear expert’s theory on why oligarchs are reluctant to pressure Putin
As the world watches in horror the shocking images of the war in Ukraine, China’s state-run media is choosing to show a starkly different narrative. CNN’s Will Ripley reports.
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Evraz is one of the largest employers in Pueblo, Colorado, but its biggest shareholder is Russian oligarch Roman Abramovich. CNN’s Drew Griffin reports.
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Binance CEO Changpeng Zhao discusses cryptocurrency as it relates to sanctions, and explains how they lack the ability to freeze all Russian users’ assets.
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CNN’s Matthew Chance reports on the economic situation inside Russia after Western nations imposed crippling economic sanctions in retaliation for Russia’s invasion of Ukraine.
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Russians are feeling the impact of international sanctions as inflation pushes the cost of household staples up. CNN’s Anna Stewart reports some supermarkets have placed limits on how much customers can buy of certain products.
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The Kremlin banned an interview with Ukrainian President Volodymyr Zelensky from airing in Russia. CNN’s Matthew Chance talks to the journalists who conducted it.
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Ukraine Finance Minister Serhii Marchenko opens up about the economic damage to his country amid the Russian invasion of Ukraine. He emphasizes that the Ukrainian government is still functioning despite war, three million people losing their jobs and an estimated $565 billion cost to the economy.
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Russian journalists Ekaterina Kotrikadze and Tikhon Dzyadko, the husband and wife behind the now shut-down independent Russian news outlet TV Rain, talk with CNN’s Brian Stelter about rebuilding their brand from outside the country and breaking through propaganda.
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Several news outlets across the globe broadcast dramatic drone footage showing the destruction of Mariupol, Ukraine. Russian state TV also aired that footage but used it as propaganda.
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Komsomolskaya Pravda, a pro-Putin Russian tabloid, reported nearly 10,000 Russian soldiers have died fighting in Ukraine before quickly scrubbing the figure from its website. CNN’s Nada Bashir reports.
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Russian President Vladimir Putin says he makes just $140,000 a year. Here’s how he may be one of the richest people on the planet. CNN’s Drew Griffin reports.
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It is not just with military might that Russia impacts the world, the country has vast oil and gas reserves. With much of Europe relying on Russian gas, Putin’s pipeline diplomacy now has its sights on China.
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New York CNN Business —
Boeing is likely to lose about 90 jet orders due to “geopolitical issues” related to Russia’s invasion of Ukraine, the company said Tuesday.
The aircraft maker said it is not canceling the orders — yet. But it has placed them in an accounting limbo which it uses when there are questions about whether jet orders on its books are likely to be completed.
The company disclosed Tuesday that it added 141 jets to that accounting classification in March. About two-thirds of those orders — or just more than 90 — are for 737 Max jets that have been affected by the war in Ukraine and related economic sanctions.
The company has seen an increase of orders added to this accounting limbo in the last two years, as the pandemic caused a sharp drop in demand for new planes. Including the additions in March, there are now nearly 950 commercial jet orders deemed to have that uncertain status, leaving Boeing with a backlog of about 4,300 jets yet to build.
Sanctions are preventing any current aircraft sales to Russia. Boeing and other western aircraft makers such as Airbus have also cut off the supply of needed spare parts and maintenance support for planes in Russia in order to comply with sanctions. So doubts about future orders to Russia are no surprise.
Boeing’s data show only 30 737 Max jets orders from a Russian carrier, Utair Airlines. But most Russian airlines order jets from Boeing and rival Airbus through leasing companies. So there were likely more Boeing jets destined for Russia before the war.
Even if sanctions are lifted, the relationship between Russia and the leasing companies has probably been permanently damaged by Russia’s move to nationalize and take title of hundreds of planes owned by those companies.
Boeing also reported another seven 737 Max jets on order by Ukraine airline, SkyUp.
The good news for Boeing (BA) is that it had a net increase of 38 new orders during the month of March.
Source: https://www.cnn.com/2022/04/12/business/boeing-lost-orders/index.html
