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Wed, Jul 13, 2022

Recovery of Stolen Aircraft Unlikely

Losses to Russian Chicanery Approach $10-Billion

In the frantic days following Russia’s February 2022 invasion of Ukraine, Moscow cobbled together legislation authorizing Russian air-carriers to add aircraft leased from foreign countries to Russia's aircraft register, thereby effectively defaulting on extant leases and loans. 

The maneuver was prompted by Russian certainty in the imminence of Western sanctions that would have seen the aircraft repossessed by their owners. 

Five months downrange, the conflict in Ukraine smolders on, and foreign leasing firms have succeeded in repossessing only about two-dozen of the more than five-hundred aircraft with which Russian carriers absconded.

Among the companies hardest hit by Moscow’s malfeasance is Dublin, Ireland-based SMBC Aviation Capital—which lost 34 of its aircraft to Russian wartime misappropriation.

SMBC CEO Peter Barrett states his company does not expect to recover the aircraft—which are valued at $1.6-billion.   

"Thirty-four owned aircraft remain in Russia despite SMBC Aviation Capital terminating the leasing of these aircraft in line with international sanctions,” Barrett stated.”

Russian airlines continue to fly the ill-gotten airliners within Russia and to countries allied with the Russian Federation—from which repossession is not possible.

As the aircraft stolen from SMBC were covered by the company’s insurance underwriter, Barrett expects to recover much of the $1.6-billion. However, a source at Lloyd’s of London—which insures leased aircraft—posits legal battles are likely over the matter of who’s liable to pay for the losses of the aircraft—which total almost $10-billion.   

News sources report that Western aircraft within Russia are falling into worsening disrepair as companies, primarily Boeing and Airbus, continue to withhold replacement parts and technical expertise—in accordance with ongoing sanctions. The want for proper maintenance has reportedly dropped the number of operable, transport category aircraft in Russia from 968 in late February to 876 in May. 

FMI: www.state.gov/ukraine-and-russia-sanctions/

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