Russia’s Domodedovo Airport, the country’s fourth-busiest, has been sold to the management company of Moscow’s busiest airport, Sheremetyevo, following a protracted nationalisation dispute. The transaction, announced on Monday, marks a significant shift in control of a major aviation asset after a court previously ordered its seizure.
The sale was completed by Sheremetyevo, represented by its subsidiary Perspektiva LLC and Bank PSB, for approximately $850 million. This price represents a substantial discount from the initial $1.6 billion valuation, reflecting the forced nature of the sale. The deal follows a June ruling by a Russian court that ordered Domodedovo’s nationalisation. The court determined that its previous owners, Dmitry Kamenshchik and Valery Kogan, were foreign residents and thus legally barred from managing critical infrastructure under Russian law.
Sheremetyevo itself is controlled by TPS Avia Holding, a private entity, with the Russian government holding a 30% stake. TPS Avia Holding relocated from Cyprus to Russia in 2022, and Russian media have linked close associates of President Vladimir Putin, such as Arkady Rotenberg, to the firm’s shareholders.
This transaction is part of a broader wave of state asset seizures in Russia since the 2022 invasion of Ukraine. Billions in foreign-owned assets, from Danone to Uniper, have been transferred to state control or Russian buyers. The Kremlin justifies these moves as correcting flawed privatisations from the 1990s, while critics argue they undermine investor confidence and deter long-term foreign investment in the Russian economy.
The sale of Domodedovo, a key hub serving Moscow, consolidates Sheremetyevo’s dominant position in the capital’s aviation market. It also underscores the Russian state’s ongoing strategy of reasserting control over strategic sectors, a policy that continues to reshape the country’s economic landscape amid international isolation. The long-term impact on the aviation sector’s development and remaining private investment remains a critical point of observation.
