Transaero Airlines, Russia’s second largest carrier, has expressed its “utmost gratitude” to financial authorities after receiving $170 million in debt guarantees from the government.

In a statement the airline thanked the Russian ministry of finance, the transport ministry, the Federal Air Transport Agency, and the State Corporation Bank for Development for their financial support.

The government pledged its support to Transaero, one of the backbone companies of the Russian transport industry; meanwhile JSC VTB Bank will assign the necessary credit funds to the airline during this period of drastically changing macroeconomic conditions.

The intervention comes against a backdrop of reports several Russian airlines may now be facing financial difficulties.

One challenge is posed by the rising cost of meeting aircraft lease obligations, due to the collapse of the Russian ruble against the US dollar.

Transaero, for its part, has agreed it will not increase airfares on its domestic services in 2015.

In addition to this, it will reduce airfares by five to seven per cent on domestic routes that are served exclusively by Transaero Airlines.

In November 2014, taking into consideration the recommendations developed for the airline by the management consulting firm McKinsey & Company, Transaero began to implement a comprehensive set of measures aimed at enhancing its operational efficiency in the rapidly changing current business environment.

It is expected that the key measures will be implemented within three to six months.

In a statement the airline explained: “In 2015, Transaero Airlines will continue to focus on enhancing the reliability and accessibility of air transport for Russian residents.

“Particular attention will be given to flights to southern resorts within the Russian Federation, where Transaero will increase its passenger capacity on those routes.”

Flights are also expected to increase to Russia’s Far East from Moscow and St Petersburg.

The airline will continue to strengthen its cooperation with its long-term partners – in the first instance, with the largest Russian travel operators focusing on tourism programmes to destinations in the south of Russia.

Transaero Airlines has been developing, operating and, inter alia, overcoming changing circumstances along with its country for 23 years.