Air Lease Says 21 Jets Stranded in Russia

Air Lease Corp. said on Tuesday it has 21 jets remaining in sanctions-hit Russia, two weeks after a Western deadline for global leasing firms to sever ties with the country’s airlines.

All of the company’s aircraft leases to Russian airline customers were terminated last month, it said.

In March, Air Lease said a new Russian law allowing Moscow to “confiscate” planes might help it claim insurance. The new law allows Russian airlines to place airplanes leased from foreign companies on the country’s aircraft register.

The company had also said it was making “good headway” in cutting exposure to Russia following Moscow’s invasion of Ukraine.

It did not immediately respond when asked about steps taken to recover the remaining aircraft stuck in Russia, which represent about 3.4% of the company’s fleet by net book value, as of March 31.

Global leasing companies have been scrambling to repossess more than 400 jets worth almost $10 billion from Russian airlines, which have mostly been unresponsive to demands for surrendering the jets.

Last week, Singapore-based BOC Aviation Ltd. said it was in the process of recovering 17 owned aircraft from Russia.

The world’s top aircraft lessor, AerCap Holdings NC, submitted an insurance claim last month for more than 100 jets stuck in Russia following the invasion.