The Russian government has produced a draught rule that would allow Russian airlines to pay in roubles for leased aircraft until 2022.
The airline will have the authority to continue flying the jet if a foreign lessor decides to terminate a leasing contract and requests that the aircraft be returned earlier than specified in the lease agreement.
The option to cancel lease agreements and return aircraft to foreign lessors would be handled by a special government committee, headed by Deputy Prime Minister Yury Borisov, under a new law drafted by the Russian Federation’s Ministry of Transport on March 10, 2022.
Russian carriers will be allowed to continue operating the leased aircraft and jets if the commission does not make a judgement.
The Russian Ministry of Transport has also proposed that aircraft be insured and reinsured by Russian insurance companies under the same terms as the contract.
All aircraft lease agreements signed before February 24, 2022 will be covered by the draught decree.
Foreign lessors must cancel lease contracts in Russia by March 28, 2022, as a result of Western sanctions implemented after Russia’s invasion of Ukraine. However, while the crisis in Ukraine continues, Western leasing businesses are unlikely to be able to repatriate aircraft from Russia.
In an attempt to avoid Western sanctions, the Russian Federal Air Transport Agency (Rosaviatsiya) published a slew of suggestions for airlines on March 7, 2022.
To reduce the risk of planes being seized while on the ground outside of Russia, Russian officials have advised airlines to avoid flying to foreign locations with leased aircraft.
Authorities have also proposed re-registering foreign lessors’ aircraft, effectively nationalising them, and have advised operators to retain all technical paperwork on hand.
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