Putin Nationalizes Leased Foreign Aircraft: Lessors Weigh $10 Billion Loss

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Russian President Vladimir Putin enacted a law on civil aviation support measures that allow the registration of foreign aircraft incorporated through leasing contracts by Russian companies, as well as the issuance of domestic airworthiness certificates.

The measure involves the confiscation of assets of Western companies worth close to $10 billion, according to lessors and various analysts. Since the conflict with Ukraine began, the race to recover the aircraft between the companies that leased them and the Russian operators have been frantic, culminating in this executive action.

Amendments to the Air Code of the Russian Federation and a series of legislative acts will allow Russian airlines to keep the fleet of foreign aircraft and make it possible to operate aircraft on domestic routes.

The law is aimed at «preserving the fleet of foreign aircraft of Russian Federation operators to ensure uninterrupted operation of activities in the field of civil aviation» in the framework of taking measures to mitigate Western sanctions.

Source: Aviacionline.

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108250cookie-checkPutin Nationalizes Leased Foreign Aircraft: Lessors Weigh $10 Billion Loss