Russia adds five more Irish-registered aircraft to its registry

A further five Irish-registered aircraft leased to Russian airlines, including four owned by Dublin-based AerCap, have been added to Russia’s domestic register.

In a move that the Irish aircraft regulator has said is "strictly forbidden", the Kremlin has listed five Boeing 777 jets operated by the Russian state-owned airline Rossiya on the country's register. One of the Boeing aircraft is an asset of US-owned Carlyle Aviation Partners.

This is the first indication that AerCap, the world's largest aircraft leasing company, has had some of its jets added to the Russian register, a move seen as a retaliatory action by Moscow in response to western sanctions aimed at punishing Russia for its invasion of Ukraine.

AerCap is the leasing firm most exposed to the fallout from the Russian war, with 152 aircraft leased into Russia and Ukraine valued at €2.1 billion.

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The company terminated leases with Russian airlines in compliance with EU sanctions by Monday’s deadline. Aircraft leased in Russia represented 5 per cent of its fleet by net book value.

Update

The firm is expected to provide an update on the status of the aircraft stuck in Russia when it announces its 2021 financial results on Wednesday.

The Irish Aviation Authority (IAA) has terminated all transfer arrangements with Russia, which allowed the country's airlines to operate 35 aircraft on the Irish register. The regulator has said the aircraft cannot be flown legally "without prior IAA permission".

Prior to the latest dual registrations, 15 EI-registered aircraft on the Irish register had been assigned new RA registrations by Russia, which allows the aircraft to continue to be flown on domestic routes, avoiding international travel where jets could be seized at foreign airports.

Aircraft Leasing Ireland, a group that represents the industry, said Irish lessors had ended leases with Russian airlines but have had "limited success" in recovering aircraft from Russia.

Burden

More than 400 leased aircraft worth more than €9 billion are held in Russia, with Irish-based companies owning about two-thirds of the jets. Most of the aircraft are registered in Bermuda.

The transfer of aircraft to the Russian aircraft registry has led to a wave of insurance claims by leasing firms who consider that their aircraft have been effectively commandeered.

Western companies fear the re-registering of aircraft is a first step in Russia seizing the jets.

Ireland’s EU financial services commissioner Mairead McGuinness has said aircraft leasing companies should not have to carry an “undue burden” in the cost of complying with the EU sanctions by lessors, but declined to say whether they would receive compensation.