Could Leasing Companies be Forced to Write-off 500+ aircraft
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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-fearsA 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.
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-fearsA 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.
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Some are already litigating whether those types of exclusions apply to "Cyber War." The world is, unfortunately, getting more interesting in this regard.
https://www.fitchratings.com/researc...age-01-03-2022
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Indeed, but the attitude of China will determine if this is viable If they support Russia, this could drag on for years , but it they refuse, this will not work long term . Even Russia most fervent supporters, the like of Serbia, Cuba and Venezuela will be out of reach.
China will ban them. They will want to sell the failed Russian state their aircraft in a rescue package. Airframes too cheap to refuse with lots of economic strings attached.
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China play the long game. Look at belt and road. Find third world countries, offer them something they can't afford themselves, then presto, debt bondage for generations.
A post Putin less autocratic regime will be desperate for airframes.... Those remaining will be practically un airworthy, China would love a market.
A new development maybe?
https://euroweeklynews.com/2022/12/0...-300-aircraft/
https://euroweeklynews.com/2022/12/0...-300-aircraft/
A new development maybe?
https://euroweeklynews.com/2022/12/0...-300-aircraft/
https://euroweeklynews.com/2022/12/0...-300-aircraft/
The majority of the planes are said to be leased from foreign companies and had been registered in Bermuda given concerns over the transparency and completeness of the procedures for maintaining airworthiness in Russia.
So instead they were registered in Bermuda and Ireland, well known places for registering planes and ships.
Sanctions required these countries to suspend registrations and airworthy certificates making it impossible to fly. But that appear to have been easily overcome by simply changing the place of registration.
So instead they were registered in Bermuda and Ireland, well known places for registering planes and ships.
Sanctions required these countries to suspend registrations and airworthy certificates making it impossible to fly. But that appear to have been easily overcome by simply changing the place of registration.
A further 150 super jets have returned to Russia and are now able to fly abroad, albeit to a limited range of counties.[sic]
I spotted this article today. Not a runner as long as the current sanctions remain in place, it seems certain. https://www.irishtimes.com/business/...leasing-firms/
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Interesting, but why would anybody agree to this?, this is not only a flagrant contravention of sanctions but also would allow Russian airlines to buy these aircraft at a fraction of their actual worth., kind of a rewardi for the war.. Crazy.
