Germany's civil aviation regulator has reinstated the operating permit for Dusseldorf-based carrier Blue Wings, weeks after grounding the airline.
The regulator, LBA, states that examination of Blue Wings has shown it "could meet the legal requirements" for commercial airlines under European law.
LBA withdrew Blue Wings' licence - a temporary permit, as the carrier had been under scrutiny for some time - towards the end of March.
The Germany authority states that Blue Wings will be able to restart passenger and freight operations with seven Airbus A320 aircraft.
Russia's National Reserve Corporation, which owns 48% of Blue Wings through an investment vehicle, had offered its share in the airline to Aeroflot for a token sum.
Aeroflot had been set to discuss the proposal at a board meeting today.
Blue Wings, which was mainly serving Russian and Turkish routes, has 20 Airbus A320-family aircraft on order, an agreement which had been placed under threat by the grounding.