Aircraft lessors pursue insurers for seized Russia fleets
A High Court judge in London recently decided to combine claims on behalf of 10 global lessors against insurers for the loss of aircraft leased to Russian operators.
After its invasion of Ukraine in Feb-2022, Russia effectively seized aircraft leased from non-Russian lessors. According to the CAPA - Centre for Aviation Fleet Database, there were more than 600 aircraft operated in Russia that were leased from foreign lessors before the invasion, with a total market value estimated at more than USD13 billion.
These aircraft continue to be operated in Russia and are unlikely to be recovered, leading to huge write-offs of their value by the lessors. Nevertheless, the aircraft leasing companies are pursuing claims against insurers, although progress has been slow.
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