Over 500 Airbus, Boeing planes leased to Russia’s airlines may be taken over as Moscow hits back in sanctions war

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Russia's government said on Thursday that it had proposed in draft legislation allowing foreign planes leased by Russian airlines to be registered as the airlines' property.

Western aircraft owners are facing a situation where they could lose hundreds of Airbus and Boeing commercial jets that Russian airlines have effectively kept away from seizure

Foreign leasing firms have succeeded in repossessing only about two dozen of the more than 500 aircraft rented to Russian carriers, said Dean Gerber, general counsel for Valkyrie BTO Aviation. The planes in limbo have a market value of about $10.3 billion, according to a Bloomberg report that cited estimates from aviation analytics firm Ishka.  

Technically, lessors have until March 28 to cancel contracts under European Union sanctions. But state-owned Aeroflot PJSC and other airlines have already flown back most of the planes to Russia where they are out of reach of their owners.  This had followed the ban on Russian flights under western sanctions. 

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