Russia Exits An-70 Project.

The announcement was made by Anatoly Hrytsenko, Ukraine’s Defense minister after the meeting with his Russian counterpart. He said that in the course of Russia’s exit from the project, a number of additional agreements should be made, including those on Russia’s previously disbursed financing, the division of intellectual property rights, etc so that Ukraine would be able to finalize the project without having to worry about interference from Russia. Concorde Capital: We support Hrytsenko’s decision, who has characterized Russia’s departure as positive for Ukraine. Russia has failed to live up to its end of the financial obligations for the past few years. At the same time, the agreement between the two countries banned Ukraine from searching for partners elsewhere. Earlier Vyacheslav Boguslayev, CEO of Motor Sich (MSICH: BUY), the maker of engines for An-70, said the exit of Russia from the project would allow Ukraine to cooperate with India, China or Iran, which are interested in the production of mid-range military-transport airplane.