Russia’s S7 Group is looking to sell its 36.9% stake in Cyprus Airways.

S7 secured the right in 2016 to use the trade name of Cyprus Airways, which ceased operations in 2015, to launch its own Cypriot start-up, Charlie Airlines.

S7 Airlines first 737 MAX(ID-1644c22ed73a) Air Lease-owned. Boeing

Source: Boeing

Russia’s S7 Airlines Group holds a 36.9% stake in Cyprus Airways

It said at the time that it would take about a 40% stake in the airline, the rest being held by local private investors.

However, the Russian airline group confirms to Cirium that it now plans to sell its stake in the Larnaca-based carrier.

Cyprus Airways has two Airbus A319 aircraft, one of which is listed as being in storage, Cirium fleets data shows. Both aircraft are leased from Miramonte but S7 Group is listed as the operator.