As a consequence of the invasion of Ukraine, a number of sanctions were imposed on Russia, under which aircraft leasing was regarded as a transfer and thus also banned.
The European Commission, in connection with the sanctions, has obliged European leasing companies to take back, by 28 March 2022, the aircraft used by Russian carriers under lease agreements. If these restrictions are properly enforced, Russian airlines would be deprived of more than 500 aircraft, i.e. more than half of their entire fleet in use.
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Sanctions are introduced both by individual countries and by the European Union. In the latter case, two regulations form the basis: 833/2014 and 269/2014 respectively amended and extended through further legislation adopted by the Council in February, March and April this year – explains Piotr Dudek, Director of the New Technologies, Defence & Aerospace Department at TGC Corporate Lawyers to Skrzydlata Polska magazine.
The article is available in Polish only.