The fall of the Soviet Union obviously had an impact on Aeroflot, it lost it's monopoly over Soviet air routes. JAT, Ariana Afghani and Iraqi Airlines have both suffered severely because of sanctions. I can think of TAP Air Portugal, as another company that suffered as a result of political change, with the 1974 revolution in Portugal.
I found an interesting article from 1994 on the EU website. Here's an excerpt:
It must be stressed that since its nationalization in 1975 TAP has been consistently loss making and has had negative operating results. TAP makes losses on the majority of its network. In 1992 TAP made a profit on only 11 of its routes, while 30 routes showed a loss that exceeded 50 % of their revenues. TAP's financial difficulties began in 1974 when the company lost the transport monopoly on the routes to the former Portuguese colonies in Africa, which were characterized by intense traffic and high load factors and yields.
Here's the link http://www.europa.eu.int/eur-lex/en/lif/dat/1994/en_394D0698.html