\u0027I\u0027m afraid that we are going to witness the largest sort of theft of aircraft in the history of commercial civil aviation\u0027
Most of the planes are still flying Russian domestic routes, IBA consultancy says, although Bermuda and Ireland — where most are registered — have suspended airworthiness certificates which usually means they should be grounded.
Dual registration is not allowed under international rules, but Russia has already moved more than half of the foreign-owned aircraft to its own registry after passing a law permitting this, Russia’s government said on Wednesday. And even if the planes are repossessed, the recoverable value would be in question because the aircraft must have accurate maintenance records to ensure they have been fitted with genuine, traceable components — another area targeted by Western sanctions on Russia.
Some private airlines have indicated their willingness to hand back planes to the lessors, although it is unclear whether the Russian government will approve the transactions. In some cases, lessors have security deposits that could be forfeit and could help cover a portion of any losses — but still only a fraction of a plane’s value.
Russian national carrier Aeroflot had been viewed as the best credit risk before the invasion, industry sources said, although that assessment no longer applies after Moscow’s move to register its planes in Russia.
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