Russia is considering buying aircraft from leasing firms in Ireland
DUBLIN: Russia is considering buying planes from Ireland-based leasing firms that have been frozen following the war in Ukraine and EU sanctions. Following the Ukraine attack, over 400 planes are stuck in Russia. Russian Airlines is in discussions with Western leasing companies about purchasing some of them.
But the move would require EU approval and an easing of the economic freeze between Moscow and the West. Discussions about this deal are continuing. However, the world is waiting to see if the European Union will approve it.
The decision is expected to reduce the multibillion-dollar bill for Ireland-based lessors and insurers. In addition, Russian airlines can obtain ownership of the planes.
Before the war, Russia was a major market for aircraft charterers, most of whom were based in Ireland. Companies used to purchase Boeing and Airbus planes and lease them to Russian airlines.
However, due to Western sanctions imposed on Russia, leasing companies were forced to cancel these contracts. The planes were not permitted to land in Moscow. With this, planes worth 10 billion dollars were stuck in Russia. Tenants, on the other hand, filed claims with their insurance companies. Meanwhile, the case involving this transaction has been heard in the Dublin High Court.
Russian airlines continue to operate a large number of planes. It has not, however, been fully implemented. The world’s largest lessors such as Air Cap, SMBC Aviation Capital and Avalon are reportedly involved in such discussions. However, they have not confirmed this.
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