Sanctions Against Russia Are Grounding Private Jets

Wealthy Russians are finding it much more difficult to fly to chic European hotspots as sanctions in response to the Ukrainian crisis affect the flight plans of private jets.

According to Bloomberg's Patrick Winters and Andy Hoffman, "European Union sanctions curbing travel for leading Russian business people and politicians have started to bite, causing private-aircraft flights from Moscow to Nice to drop 5 percent in the seven months through July, the first fall since 2009."

Winters and Hoffman also note that Russians have played a big role in the growth shorter private jet flights. Gulfstream IVs and Vs, they report, were typically used to for "transcontinental" flights.

For now, the beaches and resorts of the French Riviera and nearby enclaves are no longer on the agenda for rich Russians - or their private jets.