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Ukraine war

Jet leasing companies race to pull planes from sanction-hit Russia

Questions swirl over how Asian plane suppliers can recover aircraft, unpaid bills

A handful of Asian aircraft leasing companies rent jets to Aeroflot and other Russian carriers. European Union sanctions require leasing operators to terminate their rental contracts in Russia over its invasion of Ukraine.    © AP

HONG KONG -- Asia-based aircraft leasing companies are scrambling to cut ties with Russian airlines under new sanctions triggered by the invasion of Ukraine, in another blow for a sector reeling from the COVID-19 pandemic.

The European Union announced new regulations on the weekend that require plane lessors to terminate their rental contracts in Russia by March 28, a move that reportedly could affect more than 500 jets leased to Russian carriers by foreign companies, including dozens of rented planes from companies backed by Asian investors.

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