Russian seizes leases planes; lessors assess the damage

By now, the entire industry has heard the news that yesterday the Russian government drafted new legislation to allow foreign-owned aircraft to be registered in Russia after Bermuda and Ireland suspended certificates of airworthiness for aircraft currently in the country. The law contains clauses that allow Russian carriers to withhold their aircraft from lessors seeking to repossess them by the March 28 deadline before sanctions are enacted. According to the draft law, lessors that wish to terminate a lease early, that request will have to be approved by the Russian government. If denied, the airline will be allowed – under