Hundreds of leased planes are stranded in Russia due to airspace restrictions imposed by Western sanctions following Russia’s invasion of Ukraine, aviation consultants say.
There are 589 Western-made planes worth about $13 billion on the platforms of Russian airports across the country, according to the Russell Group, an analyst firm.
“All clients are trying to understand the number and cost of aircraft on the ground in Russia as there are fears that these aircraft could be confiscated by the Russian government.”
Suki Basi, Managing Director of the Russell Group
“This analysis comes as the military aviation market faces the biggest potential loss from the Russian-Ukrainian invasion since 9/11, when hundreds of Russian-leased aircraft owned by European companies were stranded in the country,” the group said in a statement. in the report.
The Aviation Warfare Market is short for the Aviation Warfare Insurance Industry, which provides coverage for violence against airlines, including terrorism and hijacking.
Russell says his analysis is based on information from a database that tracks the number of planes at airports around the world.
It’s unclear, given widespread airspace restrictions, the tight deadlines dictated by sanctions, and general hostility in Russia, whether the leasing companies that own the planes will be able to return them.
Suki Basi, managing director of the Russell Group, says: “All clients are trying to understand the number and value of aircraft on the ground in Russia, as there are fears that these aircraft may be confiscated by the Russian government.”
Consulting company IBA, which identified a similar number of aircraft operated by Russian airlines and owned by leasing companies outside of Russia, noted that under the sanctions, lessors are required to terminate contracts with Russian carriers and return their aircraft by March 28. But with the ban on flights between Russia and many other countries, the search will be “very difficult for landlords.”