Sri Lanka's Commercial High Court has suspended an order preventing Aeroflot's Airbus 330-343 aircraft from departing Colombo.
The order paves the way to resolve the crisis between Sri Lanka and Russia over a third-party dispute.
The decision came following an appeal filed by the Sri Lankan government on Monday morning, urging the court to decide the matter at the earliest in the interest of the country's diplomatic ties and tourism industry.
Aeroflot had suspended the service between Moscow and Colombo, impacting the tourist inflow to the country, which is facing its worst economic crisis in decades.
Celestial Aviation Trading Limited, the Irish leasing firm, had secured an injunction order on 2 June from a Colombo court. It cited European Union sanctions that banned leasing aircraft to Russian airlines in response to Moscow's military operation in Ukraine.
The Aeroflot-operated aircraft has been stationed at the Bandaranaike International Airport since 2 June.
Last Friday, the Russian Foreign Ministry summoned Sri Lanka's Ambassador to Moscow, Janitha Abewickrema Liyanage, protesting the "groundless decision by Sri Lanka's judicial authorities to detain a regular Aeroflot flight preparing to depart for Moscow".
For its part, Sri Lankan Prime Minister Ranil Wickremesinghe has informed Moscow that the matter was between the two private companies, and it had nothing to do with the state.