Russia seems to have blocked the return of the leased aircraft to its owners.
For Russian companies companies that have leased planes are likely to lose hundreds of Airbuses and Boeings.
Foreign companies have leased more than 500 aircraft to Russia, and so far only about two dozen have been returned, American media reports Bloomberg.
The value of the machines left in Russia is estimated at more than $ 10 billion.
According to Western sanctions, leased aircraft should be confiscated from Russian airlines.
Technically due to the sanctions, the rental company owners have until March 28 to return the machines from Russia. However, this is easier said than done.
State-owned Aeroflot and other Russian airlines have assembled most of the aircraft in Russia out of reach of the owners.
The Russian government instructed the companies to stop international flights and bring the planes to Russia by Tuesday.
According to industry leaders interviewed by Bloomberg, there are fears that the machines will not be returned from Russia.
Everyone machines have not been lost by the rental companies.
For example, the American Aircastle managed to take over one of its planes while making a stopover in Mexico, taking advantage of ambiguities in the plane’s insurance.
In the big picture, however, the situation looks bad for leasing companies.
Companies that have leased machines to Russia are already preparing for long and costly lawsuits seeking compensation for their losses. According to Bloomberg, the companies have hired lawyers to review their insurance and reinsurance contracts.
The companies are also trying to find financing arrangements that would allow them to avoid the effects of sanctions imposed on Russia.
Situation also causes companies to worry about machine maintenance documents.
Without accurate maintenance history, the value of the aircraft will fall sharply, says Wilmington Foundation vice president Chris Sponenberg To Bloomberg.
Even if the machine is taken out of Russia, the owner will be in trouble if the service documents are not included.
“There is no proof that anything has been done to the machine. It can’t be proven safe, “Sponenberg told Bloomberg.” It may not be registered as airworthy by aviation authorities. “
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