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.
