Plane lessors face big writedowns or a long insurance battle as the March 28 deadline looms for terminating plane leases under EU sanctions
An Aeroflot Boeing 777-300ER aircraft is reflected in a puddle at Sheremetyevo International Airport outside Moscow on July 7 2015. Picture: REUTERS/Maxim Shemetov
“I’m afraid that we are going to witness the largest sort of theft of aircraft in the history of commercial civil aviation,” said Volodymyr Bilotkach, an associate professor of air transport management at Singapore Institute of Technology. And even if the planes are repossessed, the recoverable value would be in question because the aircraft must have accurate maintenance records to ensure they have been fitted with genuine, traceable components — another area targeted by Western sanctions on Russia.
Russia’s UTair Airlines said on March 14 it would withdraw all nine of its leased Boeing 737 NGs from service, citing owner requirements — a move that could preserve longer-term relations after sanctions end.
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