Russian airlines are at risk of losing hundreds of planes because of sanctions against Russia. Lessors have so far demanded the return of 500 machines, Transport Minister Vitaly Savelyev said on Wednesday in the Federation Council, according to the Interfax agency. It would cost $20 billion to buy the planes. “That’s a very high amount,” says Savelyev. According to the ministry, there are currently 1,300 aircraft in Russia.
In response to Russia’s war of aggression against Ukraine, the EU had ordered leasing contracts with Russian airlines to be suspended by the end of March. In addition, Russia is no longer allowed to receive passenger planes and spare parts. In addition, the machines may no longer be maintained and insured. Many Russian airlines, including the state-owned Aeroflot, rely almost exclusively on Airbus and Boeing aircraft.
According to estimates by the rating agency Moody’s, insurers and reinsurers of aircraft leasing companies face losses of up to USD 11 billion (EUR 9.98 billion) due to the war in Ukraine. In a report published on Wednesday, the rating agency wrote that the owners of leasing machines stationed in Russia would probably have to fight for the sums in court. Because of the sanctions imposed after the invasion of Ukraine, aircraft leasing companies are no longer allowed to do business with Russian airlines.