The Isle of Man makes a play to hamper Russian oligarchs' movement.
Under a law passed last weekend in Russia, nearly 500 foreign-owned commercial and private jets leased to Russian airlines and individuals have been confiscated. They are being rapidly re-registered as part of Russia’s domestic fleet. Global leasing companies have generally given up on the idea of retrieving their aircraft from Russia by a March 28 deadline.
Most Aeroflot commercial jets are leased from firms outside Russia. At the Sheremetyevo International Airport outside Moscow. Russia said the law aims to “ensure the uninterrupted functioning of activities in the field of civil aviation.” The seizures have caused AerCap Holdings NV, the world’s largest aircraft leasing company, to notify insurers of a potential $1 billion loss. The aircraft have a collective value of $10 billion.
“There is nothing official, but Russian airlines are not giving aircraft back. The only ones are a handful already outside Russia and could be repossessed,” aviation adviser Bertrand Grabowski told Reuters. “Between the airlines, lessors and insurers, you are most probably looking at a decade of lawsuits.
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