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Russia will check the return of chartered planes of their airlines

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RussiaThe Department for Transport says airlines must now get approval before returning leased aircraft to owners in Ireland and other rental hubs.

On-board changes that will be kept in Russia are made only in rubles, the rapidly depreciating Russian currency, rather than dollars or euros.

A statement from the Department of Transport said a resolution had been adopted to settle all obligations and establish procedures for the use of foreign aircraft “as a result of the unfriendly actions of countries”. foreign countries” in imposing sanctions on Russia.

The “Import Substitution Government Commission” will approve the return of any aircraft to foreign leasing companies. If the return is not approved, the airlines will continue to use the aircraft until the end of the lease, payable in rubles.

Russia’s currency has fallen 50pc against the dollar since the start of the year, with losses sharply increasing after Russia’s invasion Ukraine on 24 February – a move that provoked large-scale sanctions from governments around the world.

A Dublin-based airline source said the “Russian mayhem” was complicated by the fact that Russian airlines mainly generate income in rubles, while rental payments are mainly made up of rubles. denominated in US dollars.

The source said: “At the rate we are doing it, the rubles they are offering will not be worth the amount of paper they are printed on. Independent.ie It has revealed for the first time the dramatic implications for Ireland-based lessors of the latest EU sanctions – which include the seizure of hundreds of planes leased to Russian airlines. anise. Nearly 700 aircraft are leased by Russian airlines. Dublin-based Aercap has the largest exposure with about 149 jets worth an estimated $2.2 billion, or 5 percent of the value of the entire fleet.

All European Union-based lessors have until 28 March to terminate existing contracts with Russian airlines, and some have begun the difficult logistical challenge of trying to try to locate and acquire their jet.

Valery Kudinov, an executive at Russia’s federal aviation regulator Rosaviatsia, was quoted by Tass news agency as saying Russian airlines would return part of their fleets to leasing companies.

“Part of the fleet will be returned,” Kudinov said.

Rosaviatsia acknowledged that China has refused to supply aircraft parts to Russian airlines, which will struggle to maintain their fleets. Russia is currently looking for other potential suppliers for aircraft parts in Turkey and India.

Sheremetyevo Airport, the largest airport in Moscow, said it was temporarily closing Terminal D due to a severe slowdown in air travel.

The Russian government today compiled a list of 60 foreign companies that can nationalize assets, including Apple, Ikea, Microsoft, Shell, McDonald’s, Toyota and Porsche.

Dozens of Western companies have suspended operations in Russia over the past week, including banking giant Goldman Sachs, which has announced plans to withdraw from operations.

https://www.independent.ie/business/world/russia-is-to-vet-the-return-of-leased-planes-by-its-airlines-41433068.html Russia will check the return of chartered planes of their airlines

Fry Electronics Team

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