![]() The by-origin Hong Kong-based lessor says that it will fully comply with the sanctions and other laws applicable to the aircraft business, but in the investors webcast, Chief Operating Officer, David Walton, called the March 28 deadline for the return to lessors of these aircraft “frankly an unrealistic timetable.” ![]() BOC said the eighteen aircraft are three widebody freighters and fifteen single aisle. One of the conditions is that aircraft will be paid in Russian roubles instead of dollars, but also mentions a nationalization of the foreign assets.Īccording to its website, BOC Aviation has leased aircraft to Aeroflot, Pobeda, S7, and AirBridge Cargo, representing 4.8 percent of its portfolio. The Russian Ministry of Transportation issued a draft on March 10 that outlines how leased aircraft should be returned to its owners. The EU, UK, US, Singapore, and other countries have imposed sanctions on Russia that include a ban on the selling and trading of aircraft and aircraft parts. BOC Aviation happy with higher profit but worried about Russia.īOC Aviation is one of many lessors that is exposed to the current situation in Russia, which follows the invasion of Russian troops into Ukraine. The lessor clarified its position on March 10 in its 2021 financial statements. It is too early to say if this means that it won’t be able to repossess these aircraft, but every option must be taken into account. UPDATE – Lessor BOC Aviation said that eighteen aircraft with a book value of $935 million may be affected by the sanctions on Russia.
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