Ten Avolon aircraft still grounded in Russia after lease terminations

Ten aircraft owned by Dublin-based lessor Avolon remain in Russia despite the termination of leases attached to the planes.

In a trading update the company confirmed it had terminated 14 leasing contracts with Russian airlines in compliance with EU sanctions against Russia over its actions in Ukraine.

However, it said 10 aircraft, representing less than 1 per cent of its portfolio, remain in Russia.

Several aircraft leasing firms here have terminated leases with Russian airlines but have so far being unable to recover the aircraft.

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EU sanctions include a prohibition on the supply of aircraft and aircraft components to Russian entities or for use in Russia.

Efforts to recover the planes may be complicated by retaliatory action from Moscow.

Separately, Avolon said it had executed a total of 54 lease transactions in the first three months of 2022, comprising new aircraft leases, follow-on leases and lease extensions, and sold three aircraft.

It said it had also entered entered into “letters of intent” for the sale of 35 owned aircraft, while delivering six aircraft to four customers.

The company said it ended the first quarter with a total of 142 airline customers operating in 61 countries.

Avolon owns and manages a fleet of 592 aircraft. It has orders and commitments for an additional 240 fuel-efficient, new technology aircraft.

It said it had completed the placement of its entire 500 electric VX4 Evtol planes made by new manufacturer Vertical Aerospace.

AirAsia has signed a memorandum of understanding to lease a minimum of 100 of these new planes.