Russia’s Federal Air Transport Agency, Rosaviatsia, has suspended Moskovia Airline’s air operator’s certificate (AOC), effective Aug. 29, after CEO Mikhail Alexeev revealed the carrier could no longer operate flights due to financial problems.

Rosaviatsia banned ticket sales from July 29 after numerous flights delays.

In August, Moskovia decreased its scheduled flights network to only one destination, Moscow-Tivat. Alexeev had hoped the airline would return to full operations by the end of the year, but plans were not successful.

The Zhukovsky, Moscow-based carrier was founded in 1994. Its fleet included three Sukhoi Superjet 100s, one Boeing 737 and two cargo Antonov An-12s.