Irish lessor AerCap claims $3.5 billion insurance for its jets stuck in Russia

DUBLIN, IRELAND — The World's one of the largest aircraft lessors AerCap has submitted a $3.5 billion insurance claim for its airplanes stuck in Russia following the sanctions imposed on Russia by the West.

Dublin-based lessor had the largest exposure than any aircraft leasing company when European Union ordered European leasing firms to terminate their contracts with the Russian carriers and repossess the leased aircraft.

AerCap's insurance claim is expected to be the largest single claim ever submitted among all regarding more than 100 jets valued at around $10 billion.

"Last week we submitted an insurance claim for approximately $3.5 billion with respect to our aircraft and engines remaining in Russia," 

said AerCap Chief Financial Officer Peter Juhas during the presentation of financial results of its company for the last quarter of 2021.

"In this case we expect them to be contested, just given the large sums involved across the industry," 

he added.

On Thursday, Russia's Deputy Prime Minister Yuri Borisov said all leased planes from foreign lessors, would remain in Russia.

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