Russia offers to buy out jetliner fleet from foreign lessors

Russia offered to compensate owners of jets commandeered by the country, a bid to smooth relations with leasing companies that stand to lose billions of dollars on rented aircraft they can’t get back. Authorities in Moscow are seeking ways to legally get round sanctions requiring international firms to recall the planes, Transport Minister Vitaly Savelyev said Tuesday. Options include payments or an outright purchase of the jets, he said. Lessors have so far been unwilling to negotiate on the matter, according to Savelyev. That’s most likely because any financial accord with Russian airlines would appear to present a clear breach of the sanctions. “We are not losing hope but we are not giving them back, because that would mean to leave oneself without aviation,” Savelyev said. Leasing firms doing business in Russia have demanded the return of hundreds of Airbus and Boeing planes to comply with economic sanctions imposed by the European Union and U.S. in response to the invasion of Ukraine. Under EU rules, they have until March 28 to cancel contracts, but have no way of repossessing the aircraft after Russia moved to keep them within its borders. <br/>