The air operator certificate of Russia’s VIM Airlines authorizing it to perform flights, has been suspended and may be revoked, Transport Minister Maksim Sokolov said Monday.

"As far as I know it (operator certificate - TASS) has indeed been suspended," he said.

When asked whether the certificate may be revoked, Sokolov said: "It may. But it may also be restored."

Earlier a source close to the distressed air carrier told TASS that the certificate of VIM Airlines will be invalid starting October 27.

Aurora Investments owned by the Russian businessman Boris Karlov in cooperation with Renaissance Capital and lending banks, has proposed a crisis management for VIM Airlines to the Ministry of Transport. The plan has been submitted to the ministry and is being considered, the source told TASS.

VIM Airlines, Russia’s tenth air carrier, halted charter flights due to financial problems and the lack of working capital on September 25. This was preceded by a series of flight delays in Russian and overseas airports.