Putin signs law allowing foreign aircraft to be re-registered as Russian
From -
https://insuranceday.maritimeintelligence.informa.com/ID1140124/New-Russian-aviation-law-sparks-confiscation-fears
A new law allowing Russian airlines to register inside Russia planes leased from abroad has come into force, raising further fears in the aviation insurance market of massive losses.
As Insurance Day reported last week, there have been fears the Russian government might effectively confiscate up to $13bn-worth of foreign-made planes being leased by Western companies to Russian clients. According to analysts, there are 589 Western-built aircraft that are owned by European companies in Russian airports.
The new law was signed by Russia’s president, Vladimir Putin, and is part of the country’s measures to combat Western sanctions. The law says it aims to ensure the uninterrupted functioning of activities in the field of civil aviation.
According to Reuters the move comes after aviation authorities in Bermuda and Ireland, where virtually all foreign-leased jets operating in Russia are registered, said they were suspending certificates of airworthiness for those planes.
No plane can fly without a certificate of airworthiness issued by the civil aviation authority in the country where it is registered. Re-registering foreign-owned planes in Russia would aim to get around this, Reuters said.