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Financiers worry about 515 airplanes leased to Russian airlines
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SME Times News Bureau | 18 Mar, 2022
Companies, many based in Ireland, leased 515 airplanes worth about $10
billion to Russian airlines. They may never get them back.
On
Monday, Russian President Vladimir Putin approved a law switching the
jets over to the Russian airplane registry, making their return very
difficult, Politico reported.
In doing so, Russia is breaching
the Chicago Convention, the international rules that underpin civil
aviation, according to European Transport Commissioner Adina Valean.
The European Commission is working with regulatory agencies to get the jets back, she told the European Parliament on Tuesday.
But her comments are unlikely to inspire much faith from lessors.
"We
are in the process to try to do our best," she said, adding: "But to be
honest, we're not very trustful because when you have such abusive
behavior from a country like Russia, it's difficult to say what the
outcome will be," Politico reported.
The bloc has given leasing
companies until March 28 to wrap up their contracts and get their planes
home. However, only a few dozen airplanes have made it back to their
owners -- largely those that were outside Russia when the skies closed.
The
rest are in Russia and Putin's new measure moves them onto shaky legal
territory, said Donal Hanley, a professor at the Institute of Air and
Space Law at Montreal's McGill University.
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Customs Exchange Rates |
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Import |
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As on 16 Aug, 2024 |
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