One notable omission from the list of companies and individuals on the list of European sanctions against Russia has assured the continued delivery of Sukhoi Superjets to Mexico’s Interjet, perhaps illustrating the limits of the European Union’s resolve in punishing the Kremlin for its alleged role in the conflict in eastern Ukraine. Although on March 13 the European Union announced its decision to extend its sanctions on Russia through mid-September, Kremlin-controlled Vnesheconombank (VEB)—part of a bank syndicate including Natixis of France, Deutsche Bank of Germany and Intesa San Paolo of Italy—remains one of the few companies covered by U.S. and Canadian sanctions that still does not appear on the EU list.

So far the only multinational group that ever funded export sales of Russian-made passenger jets, the bank syndicate provides the financial package for Interjet’s fleet-expansion program proposed by Superjet International (SJI), Sukhoi’s industrial partner on the SSJ100. In the past month Interjet’s board of directors issued approval for a management proposal to convert to firm status an option for ten more Superjets. Of the 20 SSJ100s already on firm order, 11 have entered revenue service.

A multilateral export credit guarantee by Coface, SACE and EXIAR, the respective Export Credit Agencies (ECA) of France, Italy and Russia, supports the financing package. So far Interjet financed all of its 11 SSJ100s through the multilateral export credit facility.

The significant Western content in the Superjet explains the heavy involvement of the European banks and ECAs. According to SJI, “non-Russian” content in the customized Mexican SSJ100 “exceeds 60 percent,” while Russian sources estimate the Western content at closer to 75 percent. Thales, Liebherr and Powerjet account for the main EU vendors. Powerjet, the joint venture between Snecma of France and Russia’s NPO Saturn that supplies the airplane’s SaM146 turbofans, maintains its headquarters in France. The Italian contribution comes from SJI and its partner, Pininfarina, through interior items and their installation into “green” airframes ferried from Sukhoi’s final assembly facility in Komsomolsk upon Amur in Russia’s Far East to Venice before final customer delivery.

A VEB representative told AIN that a financial arrangement covering the final 10 aircraft for Interjet remains in process, but that it would likely resemble the scheme used for the first 20. The source described the arrangement as “a hybrid,” consisting of elements of direct funding, ECA-arranged support and a financial lease. Ultimately, the airline will become a full owner of the aircraft.

Earlier this month Russian president Vladimir Putin extolled the virtues of the Superjet collaboration during a press briefing with Italian prime minister Matteo Renzi. “Sukhoi and its Italian partners jointly market the Sukhoi Superjet 100 on the global market,” he said. “Today, the backlog measures 150 airliners.” The day after meeting with the Italian prime minister, Putin chaired a meeting at VEB, where participants addressed overseas sales of the Superjet among other issues.

During the meeting, VEB chairman Vladimir Dmitriev stressed to Putin the success of the Interjet financing arrangement. “We cannot be unhappy about the volume of resources and number of aircraft that have been delivered to Mexico,” he said. “Deliveries continue...We see that the comprehensive high-tech export encouragement system is now set up and running. It is through that system that shipments of Sukhoi Superjet 100 aircraft are being made. VEB-Leasing and EXIAR—the agency for insurance of export credits—and RosEximBank work in that system. The whole of that system’s structure now works in full gear.”