Western aircraft rental companies, collateral victims of the conflict

by time news

DECRYPTION – The approximately 400 planes belonging to Western owners that Russian companies do not want to return have a value of ten billion dollars.

The war in Ukraine is making new collateral victims: aircraft rental companies. As part of Western sanctions, Russian airlines were ordered to return their planes to their European owners by March 28 at the latest. However, they have kept these devices for use in their domestic market.

A blow for these lessors mainly based in Dublin: of the more than 860 planes circulating in Russia, just over 500 belong to them. Even if 78 were seized abroad, the vast majority therefore remain in Putin’s country. And this is likely to last a while: thanks to a Russian law adopted in mid-March, these planes could be registered locally, which will complicate their possible return to Europe.

Battle with insurers

“I’m afraid we are witnessing the most important flight in the history of civil aviation”, says Volodymyr Bilotkach, an air transport specialist at the Singapore Institute of Technology. It is that the value of these planes amounts to 10 billion…

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