"Apparently, we have to wait a day or two for Russia to repatriate their people and then look at what impact (the ban on international flights) is going to have," Mindaugas Gustys told BNS.

"The air connection between (the Baltic Sea exclave of) Kaliningrad and (mainland) Russia will continue to be available, so (...) not all flights will be grounded," the CEO said.

"There won't be any decrease today. We'll most probably see the effect in the coming days. It'll likely take around 50 percent off what's left," he added.

A total of 139 transit flights were operated in Lithuanian airspace on Thursday and another 50 by Friday noon, according to the CEO.

Gustys forecasts that the global aviation industry will contract by about 90 percent due to the coronavirus pandemic.

"As things stand now, we should survive that period. We are financially strong enough to last until all that recovery begins," he said.