WORLD
Most of BOC Aviation's aircraft in Russia would be affected by European Union sanctions that require the leases to be terminated by March 28.
The war between Russia and Ukraine has put many countries in Europe and outside in an uncomfortable situation. Many companies are also in tight positions because of the various sanctions imposed by the West on Russia for invading Ukraine.
And now the war has impacted many aviation companies in Europe which are already reeling under the impact of the Covid-19 pandemic. Following the Western sanctions on Russia, hundreds of aircraft leases with Russian airlines stand terminated as the contracts are cancelled.
Most of BOC Aviation's aircraft in Russia would be affected by European Union sanctions that require the leases to be terminated by March 28. Russian companies have 980 passenger jets in service, of which Boeing 777 are leased, according to analytics firm Cirium.
Read | This is how Israel is acting as peace broker in Russia-Ukraine crisis
Of the 980 passenger jets, two-thirds that is 515 jets, with an estimated market value of about USD 10 billion, are rented from foreign firms, mainly Ireland-based industry. The world's biggest leasing company, Dublin headquartered AerCap Holdings has given 152 planes on lease.
And needless to say the company, which as of December 31, has 5% of its fleet leased to Russian carriers, will face the direct brunt of the economic sanctions on Russia by the United States and European Union.
The world's second biggest leasing company Avolon, headquartered in Ireland, has fewer than 20 airplanes in Russia and one or two in Ukraine out of a total fleet of more than 550 aircraft, CEO Dómhnal Slattery told Reuters this month. Avolon was concerned that sanctions on international payment transfers through SWIFT could make it hard for airlines to pay their bills.
Little girl's energetic dance to 'London Thumakda' leaves netizens in awe, WATCH viral video
Meet man who left IIT, later earned Rs 286 crore in just 20 weeks by...
Viral Video: Sadhus playing cricket at Mahakumbh mela wins hearts online, watch
Happy Chocolate Day 2025: Wishes, WhatsApp messages, quotes to share with your partner on February 9
Meet woman, who plays key role in Rs 33661 crore company, daughter of billionaire
Vicky Kaushal and Akshaye Khanna didn't talk to each other on the Chhaava sets because...
Nita Ambani, Nick Jonas share candid moments at Siddharth Chopra's wedding, WATCH viral video
UPSC Civil Services Prelims Exam 2025 registration date extended by 7 days; apply at upsc.gov.in
'Fight for progress of Delhi will continue', says LoP Rahul Gandhi after Congress's Delhi debacle
Namma Metro Fare Update: Travel rides get costlier by 50 per cent from THIS date; check details
'AAP-Da Mukt Delhi': PM Modi hails BJP's resounding victory in assembly polls 2025
'He is fit to...': India batting coach shares BIG update on Virat Kohli ahead of IND vs ENG 2nd ODI
IND vs ENG: Rohit Sharma on cusp of breaking Sachin Tendulkar's record in elite openers list
NASA confirms Sunita Williams' return date, denies US President Trump’s ‘stranded’ claim
Meet man whose airline went bankrupt, still has Rs 43894 crore net worth, he is...
Ranji Trophy: Suryakumar Yadav's horror show with bat continues, India star clean bowled for just...
Chocolate Day 2025: 5 easy homemade chocolate recipes to impress your partner
Mass layoffs at Infosys as company terminates 700 freshers over...
Priyanka Chopra wears 62-emerald bead Bvlgari necklace at her brother's wedding
Chocolate Day 2025: Date, significance, history and celebration ideas
Meet Swati Singh, wife of BJP's Parvesh Verma, who defeated Arvind Kejriwal by 4089 votes
Meet man, son of world’s richest woman, he is set to take over Rs 1642000 crore empire as...
SHOCKING! Bride's family cancels wedding at last moment over groom's low...
Nita Ambani, Shloka Mehta stun in gorgeous sarees at Priyanka Chopra's brother's wedding
Meet Trisha and Sanidhi, daughters of BJP's Parvesh Verma, who defeated Arvind Kejriwal
Transforming the news and media industry with Generative AI: Expert insights by Sanjay Jain
New entrant in grocery quick-commerce, ready to compete with industry giants
Dr Tanvi Tijoriwala, ND shedsputs light on balancing skin barrier during rising temperatures
How PM Modi's magic shattered Arvind Kejriwal and his third-term hope in Delhi?
Ahmedabad: Fire breaks out at Sabarmati bullet train station, check details
Meet Sunita Kejriwal, Arvind Kejriwals's wife, who was former IRS officer, met him during...
BIG blow for Meta employees, Mark Zuckerberg's company to layoff employees from..., reason is...
Amitabh Bachchan sparks major concern among fans with cryptic post, writes 'time to go'
Taylor Swift 'feels used' by Blake Lively, wishes she didn't drag her into Justin Baldoni case
Meet IAS officer who failed five times before cracking UPSC exam, cleared in 6th attempt with AIR...
Delhi Election Result 2025 Live Updates: Check full list of winners and losers in Delhi elections
Who is Kabir Bahia, Kriti Sanon's rumoured boyfriend who hid his face from paps
Delhi Election Result 2025: AAP's Arvind Kejriwal vs BJP's Parvesh Verma; key contests to watch out
Bank holidays in February 2025: Check if banks are open or closed on February 8?
Cristiano Ronaldo sends heartfelt retirement message to former Real Madrid teammate Marcelo Viera
Jeet Adani, Diva Shah are now married! Here's why their wedding was more than a mere celebration
IIT-BHU student gets highest package of Rs..., average package in 2025 is...