Hundreds of Russia plane leases to be axed after EU sanctions

Lessors are set to terminate hundreds of aircraft leases with Russian airlines following Western sanctions over the invasion of Ukraine that require the contracts be cancelled.

AerCap Holdings, the world’s biggest leasing company, said on Monday it would cease leasing activity with Russian airlines, while BOC Aviation said most of its leases in Russia would now have to be terminated by March 28.

Russia warned the West it would retaliate against sanctions targeting its aviation industry.

Russian companies have 980 passenger jets in service, of which 777 are leased, according to analytics firm Cirium. Of these, two-thirds, or 515 jets, with an estimated market value of about $10 billion, are rented from foreign firms in the mainly Ireland-based industry.