When the EU imposed sanctions on Russia on the day after the invasion of Ukraine, there was panic on board at aircraft leasing companies. With over 200 jets operating in Russia owned by Irish-based lessors, the sudden ban on business with the country meant exposure to multi-billion-dollar potential losses. The prospect of recovering the aircraft was bleak, with Russian authorities and largely state-owned airlines moving quickly to seize them. Leasing firms were insured against the loss of their assets but the wording of the immediate sanctions decision by EU authorities meant that cover was void. No lessor was more exposed…

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