(Bloomberg) -- Finland’s national carrier Finnair Oyj is working to overhaul its strategy in an admission that access to Russian skies, which underpinned its previous focus on Asia, will likely not be restored any time soon.

“There’s no end in sight for the war in Ukraine,” Chief Executive Officer Topi Manner said on a conference call on Tuesday following second-quarter earnings. “We’re preparing to see Russia’s skies closed to us for a long time, for years.”

Combined with the rapidly rising cost of fuel and the changing competitive environment, as well as years of losses stemming from the pandemic and related travel restrictions, the airline now needs a new strategy and a “significant structural renewal,” the Vantaa, Finland-based company said in an earnings report.

Finnair had carved out a niche providing transit passengers from smaller European cities the shortest flight times to Asia, and was the hardest-hit among European airlines from the closing of Russian airspace in the wake of its war against Ukraine.

The new strategy, due to be unveiled in the autumn, will build upon adjustments made to its network during the first six months of the year. That includes routes to Dallas and Seattle in North America as well as Mumbai in South Asia, Finnair said. Changes will be made to the network and fleet, cost structures, revenue streams and balance sheet, it said, without providing details.

Finnair shares declined as much as 9% in Helsinki trading following a wider-than-estimated second-quarter loss and guidance of a third consecutive year of operating losses.

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