Russia buyout 92 aircrafts from foreign leasing enterprises 

Russia has bought 92 aircrafts from foreign leasing firms, AerCap, an airlines and aircraft leasing company, said.

The planes have been bought out using money from Russia’s National Welfare Fund, 190 billion roubles ($2.06 billion) of which has been earmarked for this purpose, as per media reports. 

The ownership will now pass to Russia’s state insurance company NLK-Finance, who will transfer them to the airlines.

Airline S7 said 45 of its previously foreign-owned planes had been bought out, while the Russian flag-carrier, Aeroflot, said deals have been completed for 28 of its aircraft, with another 19 for Ural Airlines.

Post western nations sanctioned Russian airlines over Moscow’s invasion of Ukraine in February last year, Russia re-registered foreign aircraft in its fleet without the owners’ consent, before beginning negotiations on buying them out.

Once foreign-owned planes are bought out, Russian airlines are able to use them to service overseas routes without risk of them being seized.

(With Reuters Inputs)