City
Epaper

Financiers worry about 515 airplanes leased to Russian airlines

By IANS | Updated: March 17, 2022 16:40 IST

New Delhi, March 17 Companies, many based in Ireland, leased 515 airplanes worth about $10 billion to Russian ...

Open in App

New Delhi, March 17 Companies, many based in Ireland, leased 515 airplanes worth about $10 billion to Russian airlines. They may never get them back.

On Monday, Russian President Vladimir Putin approved a law switching the jets over to the Russian airplane registry, making their return very difficult, Politico reported.

In doing so, Russia is breaching the Chicago Convention, the international rules that underpin civil aviation, according to European Transport Commissioner Adina Valean.

The European Commission is working with regulatory agencies to get the jets back, she told the European Parliament on Tuesday.

But her comments are unlikely to inspire much faith from lessors.

"We are in the process to try to do our best," she said, adding: "But to be honest, we're not very trustful because when you have such abusive behavior from a country like Russia, it's difficult to say what the outcome will be," Politico reported.

The bloc has given leasing companies until March 28 to wrap up their contracts and get their planes home. However, only a few dozen airplanes have made it back to their owners largely those that were outside Russia when the skies closed.

The rest are in Russia and Putin's new measure moves them onto shaky legal territory, said Donal Hanley, a professor at the Institute of Air and Space Law at Montreal's McGill University.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Tags: Chicago Convention on International Civil AviationAdina valeanNew DelhiVladimir PutinMontrealPoliticoThe new delhi municipal councilDelhi south-westNew-delhi
Open in App

Related Stories

CricketIND-W vs AUS-W, 3rd ODI: Australia Women Win Toss, Opt to Bat Against India in Series Decider; Check Playing XIs

CricketWhy Is India Women’s Cricket Team Wearing a Pink Jersey in IND-W vs AUS-W 3rd ODI 2025 Match?

CricketIND-W vs AUS-W 3rd ODI LIVE Cricket Streaming: When and Where to Watch India Women vs Australia Women Final Match

InternationalPM Narendra Modi, Chinese President Xi Jinping and Russian President Vladimir Putin Seen Interacting at SCO Summit 2025 in China

OpinionsTread Carefully… There are Great Betrayals Along This Route!

International Realted Stories

InternationalPittsburgh Shooting: One Injured as Police Respond to Active Shooter at Ross Park Mall

InternationalTrump says US weighing actions against drug cartels 'coming by land' from Venezuela

InternationalAhmed bin Saeed inaugurates 27th edition of WETEX

InternationalUN relief chief sees US Gaza peace proposal opening possibilities for aid delivery

InternationalWorld Green Economy Summit 2025 attracts 16 local, regional, international sponsors