Has Russia nationalized Western planes on its territory? Yesterday, President Vladimir Putin signed a law suggesting the answer is YES. The document makes it difficult for foreign leasing companies to get their planes back under Western sanctions imposed over Russia's invasion of Ukraine, the BBC reported last night.
It allows foreign aircraft to be registered in Russia “to ensure the continued operation of civil aviation activities,” British media reported.
Russian airlines have 515 aircraft leased from abroad. They are worth about 10 billion dollars.
Foreign owners have until March 28 to get them back from Russian companies before the sanctions take effect.
But their return is now possible only with a decision of a special government commission headed by Deputy Prime Minister Yuri Borisov, Lenta.ru wrote yesterday.
The Kremlin is on the move after Bermuda (British Overseas Territory) and Ireland - where almost all aircraft hired from abroad and operating in Russia are registered - have announced they are suspending the issuance of certificates of airworthiness for these aircraft. New regulations in Russia make it possible to circumvent this by introducing registration and certification within Russia and allowing the use of foreign aircraft for domestic flights.
Since Russia's invasion of Ukraine on February 24, Western companies have overturned their leases and demanded that their planes be returned to them.
Most international flights from Russia are not operated. Many countries have banned the Russian airline Aeroflot from flying in their airspace.
But hundreds of foreign-owned planes remain in Russia. In order to comply with the sanctions, leasing companies are trying to get them back, but this seems unlikely, the BBC commented. If Russia keeps billions of dollars worth of aircraft, they will be able to fly to Russia and several former Soviet republics.
“But it's one thing to steal a plane, it's quite another to keep it in service for a long time,” the British media said, explaining that Airbus and Boeing can't deliver spare parts, so when something needs to be to be replaced, it must be taken from another aircraft or manufactured by a third party. And that, in turn, will have serious security implications. In addition, it will be virtually impossible to insure these aircraft outside Russia. Service is also a problem - many planes are sent for maintenance elsewhere. If the planes are not properly maintained, their value will fall sharply.
/OFFNews
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