A Dublin-based aircraft leasing company AerCap has submitted a $3.5 billion insurance claim for 113 aircraft stuck in Russia.
The jets represent 5 per cent of its fleet by value.
Russia has so far seized 433 passenger jets leased from foreign companies, worth $10 billion.
Other Irish-based aircraft companies with aircraft held in Russia include SMBC Aviation in Dublin, which has 35 aircraft seized, and DAE Capital, also based in Dublin, with 22 aircraft seized.
Avolon Holdings, an aircraft leasing company based in Dublin has 10 aircraft held in Russia, while Aircastle, an American-based company with offices in Dublin, also has 10 aircraft held in Russia.
In reaction to Russia’s invasion of Ukraine on February 24th, 2022, the European Union, US, Canada and the United Kingdom ordered aircraft lessors to end their lease agreements with Russian carriers by “force majeure,” with final effect on March 28th.
Russian president Vladimir Putin responded to the EU mandate by rapidly pushing a bill through the State Duma on March 14th, enabling Russian airlines to re-register hundreds of airliners to fly within the country’s borders.
The move, in response to Western sanctions, allows Russian airlines to fly them on domestic routes.
The aviation intelligence company IBA has been tracking the number of foreign-managed Russian-operated aircraft since the onset of the Ukraine crisis. IBA has revealed the number of foreign-managed aircraft operated by Russian carriers decreased from 513 to 484 between the start of the conflict and the lease termination deadline.
Since March, lessors have recovered a further 51 aircraft, leaving 433 currently located in Russia and Ukraine valued at $9.97 billion.
