Air Lease says Russian law on leased jets could help in claiming insurance

A new Russian law on leased aircraft showed Moscow could "confiscate" planes and such a move might help it claim insurance, Air Lease Corp said at a time when leasing firms risk writing off jets stranded in the sanction-hit country. "It (the law) helps the insurance question because it demonstrates the intent to confiscate which is, I think, a critical aspect of our war-risk insurance," Air Lease chairman Steven Udvar-Házy said on Wednesday. The new law allows Russian airlines to place airplanes leased from foreign companies on the country's aircraft register and has raised fears of a mass default by jetliners. read more Global leasing companies have been scrambling to repossess more than 400 jets worth almost $10b from Russian airlines, who have mostly been unresponsive to demands for surrendering the jets. That has thrown up the possibility of a long-drawn tussle between lessors and insurers, who could face multi-billion dollar payouts. The law has prompted AerCap Holdings, the world's largest aircraft leasing company, to notify insurers of a potential $1b loss, according a report in The Insurer.<br/>