Air Lease Corporation (ALC) said it would write off the value of 27 aircraft that are still remaining in Russia, the lessor announced in its stock exchange filing.
The US$802 million worth of write off will be reflected in the company’s first quarter of 2022 financial report, according to ALC.
“It is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia,” ALC said in the SEC filing.
The lessor added that the company “is vigorously pursuing insurance claims to recover losses relating to these aircraft”.
Russia started to re-register aircraft following sanctions imposed on the aviation industry over its invasion of Ukraine on February 24, 2022. The sanctions include a ban on the sale and lease of aircraft to Russian airlines.
Russia has re-registered 360 aircraft since the start of March 2022, according to new data from consultancy IBA.