Air Montenegro operated for about two years until was shut down due to war in ex Yugoslavia region.

[7][8] Shortly after, it was announced that the airline would suspend all flights from 26 December 2020 marking the end of its operations.

[10] The liquidation procedure of Montenegro Airlines would cost about 50 million euro but it is inevitable, as the country's competition authority has ruled that the law for public investment in the flag carrier adopted in 2019 was illegal, the government said in December 2021.

In April 2021, it was reported that the Montenegrin government made Air Montenegro the official name for the ToMontenegro project and that the airline would start up using two Embraer 195 aircraft, transferred from former Montenegro Airlines.

[12] On 10 June 2021, then Minister of Economic Development of Montenegro, Jakov Milatović, paid a visit to the neighboring Republic of Serbia, being one of the passengers at the first commercial flight of the new national airline Air Montenegro to Nikola Tesla Airport in Belgrade.