STORY: Boeing is the latest company to cut ties with Russia following its invasion of Ukraine.

The American airplane manufacturer said late Tuesday (March 1) that it was suspending parts, maintenance and technical support for Russian airlines.

The United States said it would follow the European Union and Canada in banning Russian flights from its airspace.

Boeing's announcement came as aircraft and engine manufacturers, lessors and maintenance, repair and overhaul providers with Russian clients face a raft of EU and U.S. bans.

There are also potential payment difficulties after some Russian banks were barred from the SWIFT payments system.

The new sanctions isolate Russia's aviation sector in a similar way to Iran and North Korea, but will have much larger consequences given the bigger size of the Russian market.

Russia accounted for around 6% of global air traffic capacity in 2021, according to aviation consulting firm IBA.

The country's airlines will also be barred from taking new aircraft on order from Western manufacturers.

Boeing said it would stop all major operations in the country, where it also has a technical research center and its largest engineering center for computer-aided aerostructure design outside of the U.S.

European rival Airbus said Wednesday (March 2) it too had stopped sending parts to Russia, and was no longer supporting the country's airlines.

However, it said it was still analyzing whether its Moscow engineering center could keep providing services to local customers.