Bahrain's second flagship carrier, Bahrain Air, on Tuesday announced the immediate suspension of operations and filed for voluntary liquidation.

In a statement posted on its website, the airline said it has sustained considerable financial losses as a result of "unstable political and security situation," which forced the company to cease operations.

During the state of emergency in 2011, for example, Bahrain Air was instructed to suspend flights to several destinations and also suffered from the lack of traffic to and from Bahrain.

The airline's officials approved the decision at a board meeting on Tuesday.