Lessors Demand Return of Aircraft Seized by Russia

The lessors are demanding that the Russian authorities return more than 500 aircraft with a total residual value of $ 20 billion.

“Requests have already been received for more than 500 foreign-made aircraft … We are now deciding with the government (on their redemption – ed.), I’ll just tell you the amount of redemption – it’s $ 20 billion at residual value, if you buy what we underpaid “This is a very large sum,” Vitaly  Savelyev, the Minister of Transport of the Russian Federation said.

According to the official, Russia is trying to negotiate with Western leasing companies to buy the seized planes, but they are not negotiating. At the same time, Russia is transferring these aircraft to Russian registers.

“We have already transferred almost 800 aircraft, we insure them in Russian reinsurance companies. We are looking for legal ways to negotiate with lessors and resolve this issue. There is a ban and a demand for return, they do not want to enter into negotiations, “Saveliev said.

“However, we do not lose hope and we do not give them away. Because to give means to leave oneself without aviation. You understand that, and that is why the government made such a decision,” the Russian official added.

At the same time, he acknowledged that the flights are still ongoing, but at some stage carriers will need spare parts for aircraft, the export of which is prohibited in Russia. According to him, the authorities are looking for a solution to this issue, currently focusing on the experience of Iran.

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