AviationTop StoryTrending Story

Air Lease Corp set to lose $802.4 million for leased planes trapped in Russia

294

Air Lease Corp is about to write off a whooping $802.4 million for leased aircraft trapped in Russia, Persecondnews.com gathered from the American aircraft leasing company.

According to the 12-year-old company it doesn’t expect to recover the aircraft following western sanctions against Russia for invading Ukraine.

This newspaper gathered that only 32 of 513 Russian-operated aircraft managed by foreign leasing companies have been returned to their owners.

Aviation consulting firm IBA Aero also confirmed the numbers in an analysis published this week. The returned aircraft include two Boeing 747-400 freighters, a 747-8 freighter and a 757-200 converted freighter.

The 747-400s were operated by Sky Gates Airlines and taken back by Silk Way West Airlines. Lessor BOC Aviation also said it reclaimed a 747-8 from Volga-Dnepr Group subsidiary AirBridgeCargo. The 757-200 likely was operated by Aviatstar, which last week was hit with U.S. enforcement action for illegally flying Boeing-built aircraft, based on a list of sanctioned aircraft from the U.S. Commerce Department lists of sanctioned aircraft.

Russian airlines had about 513 aircraft worth $10 billion leased from non-Russian lessors at the start of the conflict, according to IBA. The number of foreign-managed aircraft operated by Russian entities decreased to 484 by the March 28 deadline for lease terminations. More than 400 of these aircraft are currently located in Russia.

The Kremlin ruling allows Russian carriers to transfer Western-made aircraft to the Russian aviation registry and use the foreign aircraft to fly domestic routes, making it more difficult for leasing companies to recover their aircraft. The legislation violates international law, which requires aircraft be deregistered from the original registry and operators get the owner’s permission before they can be placed on another registry.

IBA said it had identified nearly 300 aircraft with terminated leases, about 60% of the foreign-owned Russian fleet, that were active during the third week of April, mostly operating on domestic routes inside Russia.

Leave a comment

Related Articles

Just in: Senate confirms Omolola Oloworaran as DG PENCOM

The Senate on Thursday confirmed the nomination of Omolola Oloworaran for appointment...

Just in: Senate approves Tinubu’s $2.2 bln loan request

The Senate on Thursday approved President Bola Tinubu’s loan request of $2.2...

Just in: Reps reject bill for six-year single tenure for president, governors

The House of Representatives rejected a constitutional amendment bill on Thursday seeking...

Just in: Simon Ekpa, four others arrested in Finland over terror-related activities

Finnish-Nigerian separatist agitator, Simon Ekpa, and four others have been arrested in...

Just in: FG sacks Nnamdi Azikiwe University VC

The Vice-Chancellor of Nnamdi Azikiwe University, Awka, Anambra State, Prof. Bernard Odoh,...

Senate raises alarm over fresh terrorists’ invasion from Mali, Burkina Faso, urges FG’s action 

Upset by the invasion of terrorists known as Lakurawa into Northern Nigeria...

Boko Haram/ISWAP terrorists’ ambush: Defence HQ confirms killing of 5 soldiers in Borno

The Defence Headquarters has confirmed that Boko Haram/ISWAP terrorists ambushed troops conducting...

Tinubu writes NASS for approval of $2.2bln fresh external loan

President Bola Tinubu has written to the National Assembly, seeking the approval...

NNPC Ltd’s spokesman, Soneye, explains delay in Port Harcourt Refinery rehabilitation, assures of imminent completion

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has acknowledged the challenges...

AFCON Qualifier: Nigeria’s Super Eagles Suffer Shocking 2-1 Loss to Rwanda

Nigeria’s Super Eagles concluded their Africa Cup of Nations Group D qualifiers...

Tax reform bills: Nigeria struggling with tax-to-GDP ratio below World Bank’s 15 % benchmark – Speaker Abbas

Mr. Tajudeen Abbas, the Speaker of the House of Representatives, has expressed...

Just in: Again, Anambra sit-at-home claims four vigilance operatives, motorcyclist

Gunmen enforcing Monday’s sit-at-home order in Anambra State launched a deadly attack,...

Tinubu departs Abuja for G20 leaders’ summit in Brazil

President Bola Tinubu will depart Abuja for Rio de Janeiro, Brazil, on...

Breaking: APC’s Aiyedatiwa in landslide victory, wins all 18 LGAs in Ondo guber poll

The All Progressives Congress Candidate, Gov. Lucky Aiyedatiwa, has swept the 2024...

Ondo guber poll: Aiyedatiwa votes, says exercise peaceful, PDP raises alarm over thugs invasion

As the Ondo State governorship election kicks off on Saturday, Gov. Lucky...

Late COAS Lagbaja buried in Abuja amid tears, tributes

Amid tears and tributes, the body of the late Chief of Army...

Tinubu appoints Daniel Bwala, Atiku’s ex-spokesman as Special Adviser on Media, three DGs

President Bola Tinubu has appointed Daniel Bwala, the Special Adviser on Media...

Just in: Body of late COAS Lagbaja arrives in Abuja ahead of Friday burial

The body of the late Chief of Army Staff, Lt.-Gen. Taoreed Lagbaja,...

Tinubu Presides Over Crucial FEC Meeting to Unveil 2025 Budget Plans

The much-anticipated meeting of the Federal Executive Council (FEC) is underway with...

Breaking: NNPC Ltd. achieves milestone oil production of 1.8 mbpd

The Nigerian National Petroleum Company Limited (NNPC Ltd.) has announced a significant...