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Ukraine war

Asian lessors take losses on failure to recover jets from Russia

Avolon and Aircastle record $550m in asset write-offs for stranded planes

Russia has adopted measures allowing Aeroflot and other domestic airlines to retain aircraft leased from foreign companies.    © Reuters

HONG KONG -- Asian jet leasing companies have had little luck recovering planes they had provided to Russian airlines before the Ukraine war, forcing them to begin writing off the value of stranded aircraft.

Avolon Holdings disclosed on Tuesday that it had recorded a $304 million write-off in relation to 10 planes stuck in Russia. This caused the group to record a loss for the January-March quarter of $182 million, more than double the figure for a year earlier.

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