Russian Planes Face Grounding Risk as Leasing Firms Mull Default
- AerCap has almost $2.5 billion in aircraft in Russia, Ukraine
- Jets reportedly recalled from Aeroflot unit after EU sanctions
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Leasing firms are facing the challenge of recalling jetliners worth billions of dollars from Russian airlines, as sanctions imposed over the Ukraine invasion threaten carriers’ ability to operate rented planes.
EU sanctions announced Sunday ban the supply of “all goods and technology” linked to aircraft. Planes can’t be insured, either. That means leasing firms will be required to terminate all contracts with Russian airlines over the next 30 days, said a senior leasing executive with aircraft in the country.