The difficulty of Baltia's shares in getting airborne is mirrored by its operational history. Baltia Air Lines has never flown, although it received operating authority in 1991 to serve a number of destinations in the former Soviet Union. Failure to obtain funding prevented it from initiating service during the 1990s.

The airline currently does not have the authority to fly the New York-St. Petersburg route. In December 1999, the U.S. Department of Transportation revoked Baltia's license because of the carrier's failure to initiate service and concerns about its finances. In order to gain new authority, Baltia would have to show that the financial issues had been resolved, according to a spokesman at the Department of Transportation.

Baltia will be filing a new application this month, according to Dmitrowsky, and hopes to make its maiden voyage in June or July. It intends to lease a Boeing 747-200 aircraft from Flugleidir Hf., which also is known as Icelandair.