Russian banks stopped lending to air carriers. What does it mean to the fastest growing industry in Russia? Russians would not longer enjoy relatively inexpensive tours oversees. The number of operators will be smaller and airfares will double or more. The biggest problem is fuel cost. Russia produces 9 mln tons jet fuel a year. 174 operators consumes only 5 mln tons. 1 mln tons gets burned by Russian Air Force. The remaining 3 mln tons gets exported. Since Russian airlines spend 60-65% of all costs on fuel and always leverage it, no more free lunch. Only smart, energetic, competitive airlines will survive.