Tuesday, February 27, 2024
HomeBusinessHow Ireland landed in the center of Russia's $10 billion plane heist

How Ireland landed in the center of Russia’s $10 billion plane heist


Related stories

Is Carrie Underwood pregnant again? Know details

Is Carrie Underwood pregnant? If are you curious to...

8 Secrets of Successful Gamblers

Stepping into the world of online gambling with the...

8 Popular Gambling Rituals: Do They Work?

Ever wondered if those quirky rituals you see at...

Maximizing Wins: Tips for Successful Crypto Gambling

Ready to make your crypto work as hard as...

The Role of Data Analytics in Casino Management

The casino industry generates massive amounts of data on...

International sanctions on Russia in the aviation sector have triggered a global scramble by overseas plane lessors to recover $10 billion worth of aircraft stuck in the country.

Following the invasion of Ukraine, international sanctions were imposed on key Russian individuals and industries. One of the big targets was the Kremlin’s aviation sector.

This triggered a global scramble by aircraft owners to get their planes out of Russia before the sanctions came into effect. Some 515 leased aircraft worth an estimated $10 billion were stuck in the country, according to data and analytics firm Cirium.

“From a legal perspective, it’s probably the most significant story in aviation,” said Paul Jebely, chair and founder of the Hague Court of Arbitration for Aviation, a specialized court to mediate disputes in the aviation industry. 

“It’s been earth-shattering. I don’t recall in 15-plus years of practice there ever being a situation quite like this, both on magnitude and on scope,” he added. 

Accusations of theft by the Russian state came after the Kremlin signed a new law on March 14, about two weeks after its invasion of Ukraine. The law allowed foreign jets to be re-registered in Russia. This made it possible for the jets to fly domestically but doing this without the sign-off from the plane’s original owners is illegal. 

Six months after the crisis began, lessors were able to recover 80 aircraft, leaving 435 aircraft still stranded, with an approximate market value of $8.5 billion, Cirium estimated. 

Meanwhile, the businesses that rent out these aircraft were trying to work out how to recover their assets and avert a crisis. Irish aircraft leasing groups are among the worst affected, with more than $4 billion worth of planes leased to Russian airlines.

See also  New Zealand mosque shooter files appeal against life sentence By Reuters

Learn more about why Ireland has been particularly affected in the video above.

Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories