Besides flight bans over Europe and North America, the overwhelming majority of Russia’s airline jet fleet is leased from western aircraft leasing companies. Due to government sanctions, the leasing companies are demanding return of their aircraft.
Russia will no longer have a viable commercial aviation sector.
Related: Financial analysts suspect Russia will default on bond payments due in mid-April – meaning, Russia will be in default on its loans. Actions like this will have long term consequences, resulting in higher borrowing costs in the future, even after the conflict is hopefully resolved.
Update: Boeing, Airbus and GE (aircraft engines) will no longer supply spare parts to Russian airlines. In effect, the Russian airlines are wiped out.