Prior to the invasion of Ukraine, Russia was a key market for aviation lessors. (Credit: Nikolay N. Antonov/Adobe Stock)
Air Lease Corporation, an aviation lessor, shared last week that it recently received $328.5 million in cash payments from insurance settlements for aircraft that were detained in Russia in early 2022. The planes were blocked from leaving Russia after the country’s invasion of Ukraine.
Reuters reports that prior to the invasion, Russia was a key market for aviation lessors. However, the U.S., U.K. and European Union implemented sanctions in the wake of the invasion that included the closure of those entities’ airspace to Russian-operated aircraft and a prohibition on U.K. and E.U. entities leasing aircraft to Russian entities.
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Brittney Meredith-Miller
Brittney Meredith-Miller is assistant editor of PropertyCasualty360.com. She can be reached at [email protected].
