Russian sovereign investment fund RDIF is to create a passenger aircraft leasing organisation through a project in which its Saudia Arabian counterpart, the Public Investment Fund, will also participate.
The leasing organisation, named ROAL, is intended to become a "leader in aircraft leasing" in Russia, says RDIF.
German investment company KGAL is to join the two sovereign funds in a consortium which will establish the lessor.
RDIF says the partners will invest more than $600 million in the project.
"The purpose of the project is to invest in modern civil aircraft to be provided to Russian carriers under long-term lease agreements," it adds.
RDIF chief Kirill Dmitriev says the new company is expected to "take a leading position" in the Russian airline market, enabling carriers to expand fleets on "favourable terms".