Shares in European airlines fell earlier this week after a report alleged that the Russian government is considering closing the country's airspace to European flights bound for Asia.
Among the airlines experiencing a drop in share price were Finnair (5.6% decrease), Air France-KLM (3.8%) and IAG (2.9%).
If the ban were to take effect, Russian flag carrier Aeroflot would lose up to €300 million in fees charged to European airlines annually for the right to use Russian airspace.
Russian Prime Minister Dmitry Medvedev met Transport Minister Maksim Sokolov on Tuesday to discuss the escalation of sanctions against Russia. "We need to discuss possible measures in response," Medvedev said.
Helen Kearns, the spokeswoman for the European Commission, stated there had been no official information on this from Russian authorities, but Russia could legally close its airspace if it wanted to.
All EU countries have a bilateral deal with Moscow on whether its airlines can fly over Russia.
EU airline stocks affected as rumours grow of Russian airspace closure in response to sanctions
