Russia’s Aeroflot buys eight Airbus A330 aircraft after Western sanctions ended lease
• The eight aircraft units have been stranded in Russia after Western sanctions
Russia's biggest airline, Aeroflot, has bought eight Airbus A330 aircraft from foreign leasing companies "as part of the fulfillment of contractual obligations".
Reuters reported that the purchase could be a bid to maintain good relations with lessors by making use of an exemption to EU sanctions against Russia in respect of aircraft financial leases - which involve purchase when the lease ends.
Stranded lease
Many Western jetliner companies had asked Aeroflot to return their leased planes, last month after sanctions were put in place against Russian businesses.
In response, Aeroflot grounded its international flights. Russia also barred its airlines from returning the planes. Nearly 400 aircraft leased from Western firms, worth almost $10 billion, have been stranded in Russia.
Aeroflot uses planes by Airbus S.E. (NYSE: EADSF) and Boeing Co (NYSE: B.A.) both of whom had been prohibited from doing business with the country.
Delta Air Lines (NYSE: DAL) has also cut its ties with Aeroflot following Russia’s attack on Ukraine. The airlines had a partnership allowing customers to book seats on each other’s flights.
Source - Reuters
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