Ethiopian Airlines (ET, Addis Ababa International) has USD90 million in ticket revenue awaiting repatriation from overseas markets, including USD45 million blocked in Russia because of financial sanctions imposed after the war in Ukraine, according to CCO Lemma Yadecha.

Speaking to Addis Ababa-based The Reporter magazine, he said sanctions restricting Russian banks' access to the SWIFT international payments network have prevented Ethiopian Airlines from transferring funds through its usual correspondent banks in the United States, the United Kingdom, the United Arab Emirates, Germany, and Ethiopia.

"Due to sanctions, we cannot transfer funds through standard bank-to-bank transfer systems," Lemma said.

Ethiopian Airlines continues to operate daily flights to Russia and uses some ruble revenue to pay local expenses, including fuel, crew salaries, ground handling and overflight fees. However, the airline has been unable to remit its net earnings from the country.

Lemma said the airline is working with Ethiopia's Ministry of Foreign Affairs and diplomatic missions to resolve the issue.

The Russian Embassy in Addis Ababa declined to comment on the airline's activities, according to The Reporter. "The Embassy’s position is that we do not comment on the activities of state-owned Ethiopian Airlines," press secretary Leonid Berezhnyuk said.

Lemma said the remaining USD45 million held outside Russia was not permanently frozen. In countries including Mozambique and Angola, foreign exchange shortages and delays in central-bank allocations have slowed transfers. Still, funds continue to move as the airline submits monthly clearance documents and receives foreign currency allocations. He said the airline faces exchange-rate risk in those markets because local-currency devaluations can reduce the value of revenue awaiting conversion and transfer.

According to IATA, USD1.2 billion in airline revenues was blocked from repatriation worldwide by end-October 2025, a USD100 million improvement from April 2025. About 93% of the blocked funds were held in Africa and the Middle East.

Mesfin Tasew stays on as CEO

Meanwhile, Ethiopian Airlines has confirmed to ch-aviation that Mesfin Tasew's tenure as CEO of Ethiopian Airlines Group has been extended for an undisclosed period, ending months of uncertainty over his retirement. He had been expected to leave the airline on August 6, 2026, according to local news reports.

First reported by Addis Fortune newspaper, the decision by the board maintains leadership continuity as the carrier undertakes a capital-intensive expansion, including a multi-billion-dollar fleet renewal and the USD12.6 billion construction of the new Bishoftu International Airport.