Russia Implements New Law On Leased Jets
“Russia has implemented a new law making it harder for foreign aircraft leasing companies to repossess their planes,” according to a report in the BBC, adding that the move comes after Bermuda and Ireland said “they were suspending certificates of airworthiness for those aircraft.”
The BBC website said, “Russia has implemented a new law making it harder for foreign aircraft leasing companies to repossess their planes in the face of Western sanctions.
“The new law will allow foreign jets to be registered in Russia “to ensure the uninterrupted functioning of activities in the field of civil aviation”.
“Russian airlines have 515 jets leased from abroad worth about $10bn [£7.7bn]. Foreign owners have until 28 March to get them back from Russian companies before sanctions kick in.
“The move comes after Bermuda and Ireland, where nearly all foreign-leased planes operating in Russia are registered, said they were suspending certificates of airworthiness for those aircraft.
“The measure, signed into law by President Vladimir Putin, could circumvent that by bringing registration and certification of safety within Russia’s borders and use the foreign aircraft to fly domestic routes across the vast country.”
You can read the full story here on BBC.
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