Today is the last day for the return of aircraft to Russia.
Today, March 28, ends the period for Russian airlines, which must return more than 400 leased aircraft worth about $ 10 billion, according to Reuters.
However, lessors doubt that the airlines will return their aircraft.
“I am afraid we will witness the greatest theft of aircraft in the history of commercial civil aviation,” said Vladimir Belotkach, associate professor of air traffic management at the Singapore Institute of Technology.
Bermuda and Ireland, where most aircraft are registered, have suspended their certificates of airworthiness, which means that flights must be suspended. But most planes still fly on Russia's domestic routes.
The report says that although the planes are insured, the unprecedented nature and scale of the potential damage is likely to mean years of litigation between landlords and insurers before any payment decisions are made.
And even if the planes are confiscated, the recoverable amount will remain in question, because the planes must have accurate maintenance records to ensure that they are equipped with real trackable parts – another link to Western sanctions. in relation to Russia.
Although the total cost of aircraft is huge, the impact on individual leasing companies can still be managed, even if write-offs are needed, as aircraft leased to Russian airlines account for less than 10% of most leasing companies' portfolios.
“It will not harm these companies,” said Brad Daly, director of Alton Aviation Consultancy, who previously worked for Irish leasing giant AerCap Holdings. However, according to him, “it really changes the future market potential of Russia.”
Read also: Western lessors demand that Russia return more than 500 aircraft – almost half of Russia's fleet
Earlier , Putin signed a decree on the possibility of nationalizing foreign aircraft. Due to this, Russian airlines began to register rights to board on lease.
