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Air Lease will write off aircraft stranded in Russia, expects $802m in fees

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April 22 (Reuters)Air rental company AL.N said on Friday it would write off the value of the remaining 27 planes in sanctions-hit Russia, a move that is expected to result in charges of around $802 million.

Global aircraft leasing companies have rushed to repossess more than 400 planes worth nearly $10 billion from Russian airlines, which have mostly failed to respond to demands for the return of aircraft. planes.

“The company is unlikely to repossess aircraft that have not been returned and remain in Russia,” Air Lease said in a statement.

The write-off, which includes 21 company-owned jets and six aircraft from Air Lease’s managed fleet, will be reflected in the first-quarter earnings report due May 5.

Air Lease said it did not expect the write-off to result in significant future cash outlays and was pursuing insurance claims to recover losses related to the aircraft.

(Reporting by Kannaki Deka in Bengaluru; Editing by Aditya Soni)

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