Planes Trapped In Russia
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As the clock runs down to Monday's sanctions deadline for Russian airlines to hand back more than 450 leased planes worth almost $10 billion, foreign lessors are fast losing hope that they will get their planes back. As the owners rushed to repossess the planes, the Kremlin moved quickly to block this by passing a law allowing foreign airplanes to be re-registered in Russia, effectively nationalizing them.
Aviation was an early business casualty of Moscow's invasion of Ukraine, as the West and Russia imposed tit-for-tat airspace bans. Now, lessors face big writedowns or a long insurance battle as the March 28 deadline looms for terminating plane leases under European Union sanctions.
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