Analysts expect protracted lawsuits between the company that leases its planes to Russians and insurance companies.
The world’s largest landlord, AerCap (AER.N), has filed a $ 3.5 billion insurance claim on more than a hundred aircraft actually stolen by Russia. The long -running legal dispute between landlords and insurers could last for years, Reuters reports.
It noted that Dublin company AerCap was exposed to the greatest risk to all other landlords when European Union sanctions forced the termination of lease agreements with the Russian Federation. At that time, 5% of the company’s fleet was in Russia.
AerCap’s insurance claim is not only expected to be the largest among landlords seeking compensation for hundreds of aircraft worth up to $ 10 billion left in Russia. It is also one of the largest claims filed.
“Last week, we filed an insurance claim for approximately $ 3.5 billion regarding our aircraft and machines that remained in Russia,” chief financial officer Peter Juhas said after the release of the results. financially for the last three months of 2021.
Landlords had to terminate current leases in Russia because of sanctions imposed by the European Union.
Analysts say the unprecedented nature and size of potential losses will likely mean years of litigation between landlords and insurers before making any payment decisions.
It will be recalled that on February 26, the EU authorities decided to completely ban the supply and leasing of aircraft, helicopters and other aircraft in Russia, as well as their insurance and maintenance. Russian airlines operate 980 passenger liners, 777 of which are leased. Russian carriers leased 515 aircraft from foreign owners.
And in early March, Russian President Vladimir Putin signed a law allowing Russian airlines not to return aircraft leased from foreign companies.
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Source: korrespondent
