As many as 589 Western-built aircraft worth about $13 billion wait on ramps at Russian airports. [File photo: Adobe Stock]
Key Takeaways:
Hundreds of Western-built aircraft, valued at approximately $13 billion, are stranded in Russia due to Western sanctions imposed after the invasion of Ukraine.
Leasing companies, which own these 589 aircraft, face immense difficulty retrieving them by the March 28 deadline due to airspace restrictions and concerns about potential confiscation by the Russian government.
This situation represents the biggest potential loss for the aviation war risk insurance market since 9/11.
Hundreds of leased aircraft are stranded in Russia, aviation consultants say, as a result of airspace restrictions stemming from Western sanctions following Russia’s invasion of Ukraine.
As many as 589 Western-built aircraft worth about $13 billion wait on ramps at Russian airports across that country, according to data and analytics company Russell Group.
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Jonathan Welsh is Lead Editor of Aviation Consumer and a private pilot who worked as a reporter, editor and columnist with the Wall Street Journal for 21 years, mostly covering the auto industry. His passion for aviation began in childhood with balsa-wood gliders his aunt would buy for him at the corner store. Follow Jonathan on Twitter @JonathanWelsh4
