Russia seizes hundreds of charter planes. Damage: 12 billion euros

Russia seizes hundreds of charter planes.  Damage: 12 billion euros

Russian airline Aeroflot also uses several charter aircraft.AFP photo

Their Russian customers had to return the Boeing and Airbus planes before March 28, in part because they were no longer able to properly service them. Because of international sanctions imposed on Russia as a result of the invasion of Ukraine, they no longer have access to spare parts. In addition, he is no longer allowed to travel to destinations outside Russia. Also because they were no longer allowed to do business with the Russians, the leasing companies requested that their planes be returned.

Aercap hit hard

Irish AirCap is one of the worst hit companies with 142 aircraft. Deposits can cover part of the damage, but they often do not exceed, say, three months’ rent.

Ireland and Bermuda, where most aircraft are registered, have rescinded the airworthiness certificate. Double registration, for example in Russia, is not allowed. About 78 chartered planes could still be seized in time, because they were still outside Russia.

Analysts anticipate a multi-year legal battle over whether insurance companies should recoup damages to rental companies. Even if the planes were released, the damage would be significant. Equipment must be well maintained and verifiable. “I am afraid that we will witness the largest plane theft in the history of civil aviation,” Volodymyr Belotkach, senior lecturer in aviation management at the Singapore Institute of Technology, told Reuters news agency.

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