In a recent development, the Russian Federal Air Transport Agency (Rosaviatsiya) has issued warnings to Russian airlines regarding the risk of some of their leased aircraft being seized abroad. The airliners at risk are those leased by sanctioned foreign subsidiaries of the State Transport Leasing Company (GTLK).
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The Risk of Seizure
The decision was made due to the risk of seizure of aircraft of foreign subsidiaries of State Transport Leasing Company, which is undergoing bankruptcy proceedings. In May 2023, two Irish-based subsidiaries of the company, GTLK Europe Capital DAC and GTLK Europe DAC, saw their assets seized after Ireland’s High Court ordered the liquidation of the two state-owned Russian leasing firms.
Impact on International Flights
This notice has already caused delays in international flight schedules, namely services operated by S7 Airlines towards Bangkok, Thailand, and Dubai. However, flights to Belarus and Turkey are not affected.
Circumventing Sanctions
In January 2023, Russia’s flag carrier Aeroflot purchased 10 stranded Boeing 777 jets from unnamed Irish aircraft leasing companies as an attempt to circumvent sanctions imposed following Russia’s invasion of Ukraine.
Conclusion
The current geopolitical situation has led to a complex scenario for Russian airlines. With the risk of state-leased aircraft being seized abroad, airlines are now facing significant operational challenges. It remains to be seen how this situation will evolve and what measures Russian airlines will take to ensure uninterrupted services.
