When Western sanctions were imposed on Russia following its full-scale invasion of Ukraine in February 2022, global aircraft lessors, being sophisticated operators, immediately took steps to recover their assets. It was a tight window of opportunity. By March 10, foreign-registered aircraft were banned from leaving Russia, subject to narrow exemptions. Some lessors were more successful than others in repossessing planes trapped in Russia. Over time, big names like Aercap, Boc, CDB and SMBC managed to secure settlements with Russian operators, receiving more than a billion euros to formally hand over aircraft. But many more planes remain under Russian control, confined…

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