US lessor Air Lease says 21 jets stranded in Russia
US leasing company Air Lease Corp said today 21 of its jets were still stranded in Russia after the company terminated all contracts with the sanction-hit country.
Air Lease did not reply when asked about how it could get its aircraft back, but it is believed it could claim insurance following the Kremlin’s decision to seize all foreign-lease aircraft present in Russia.
If it were to claim insurance, the Los Angeles-based company could follow into the footsteps of Irish giant AerCap who submitted last month an insurance claim for more than 100 planes stuck in Russia.
On the other hand, Singapore-based BOC Aviation announced in late March it had retrieved in mainland China a Boeing 747 from Russian operator AirBridgeCargo, City PM reported.
Following Moscow’s invasion of Ukraine and the sanctions imposed on the country by Western powers, more than 400 planes worth around $10bn have been stuck in the country.
The situation could create a “nightmare scenario” of year-long legal disputes between lessors and insures, forcing the industry to rethink the way it does premiums.
“Because there are going to be huge claims on these insurances this year for confiscation or theft if the aircraft aren’t given back, this will then have a knock on effect on insurance costs,” said BOC Aviation’s chief executive Robert Martin.