Armavia (Yerevan) has announced that it will suspend all operations from Saturday, March 30 due to its on-going financial problems. The carrier will file for bankruptcy on April 1. Armavia currently operates one A320-200, three B737-500s, one Yak-42 and three CRJ200s on scheduled services and an A319-100 corporate jet for the Armenian government. It is owned by Mikhail Bagdasarov's Mika Group which also controls several other large businesses in Armenia. Bagdasarov blames high airport fees at Yerevan's Zvartnots airport as one of the key reasons for the airline's financial problems. Armavia is the only scheduled airline in Armenia operating its own aircraft.