How Europe due to sanctions has lost US$ 12 billion of aircraft in Russia
How Europe due to sanctions has lost US$ 12 billion of aircraft in Russia
On 27th Feb 2022, the European Union imposed sanctions on Russia and asked Aircraft leasing companies to terminate their contracts with Russia.
According to industry sources, Russia has 980 commercial aircraft in operation, of which 777 are leased aircraft. Of those, 515 are rented from foreign firms, with a majority coming from Ireland-based companies. These aircraft are at present valued at US$ 12 billion.
Since Russia and Europe have divorced from one another and have broken most ties, it is an impossible task to get Russia which is part of the Cape Town Convention that makes it easier for lessors to repossess leased aircraft, to cooperate.
To make matters worse, EU has closed i...









