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 its airspace to Russian airlines and Russia has responded by banning European airlines from entering its airspace. So even if by a stroke of great luck, the European aircraft lessors are able to obtain the support of the Russian State to repossess the aircraft, they would not be able to fly them out beca...
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