A new law has just been passed by Russia allowing the requisition of hundreds of civil aircraft leased from abroad to support the country's aviation industry amid Western sanctions.
Russian President Vladimir Putin on March 14 signed a bill to support the country's civil aviation industry. The act gives Russian airlines the right to register aircraft chartered by foreign companies, mainly from the US and EU. These aircraft will still be issued with a certificate of eligibility to operate by local authorities.
The purpose of the law is to preserve the fleet of civil aircraft of Russian airlines affected by Western sanctions, including hundreds of leased foreign aircraft. On the other hand, it also makes it difficult for foreign companies to take back leased aircraft without the consent of the Russian government.
Russia's civil aviation fleet is believed to have about 728 Western-built aircraft, of which 515 are leased to foreign owners. Only 144 aircraft in the fleet are produced in Russia.
Under EU sanctions, businesses that lease aircraft to Russia - many of which are based in Ireland - must recall their planes before the March 28 deadline. Some Western aircraft manufacturers such as Airbus, Boeing have stopped supplying parts to Russian airlines. It is not clear how the lessors were able to recover the planes while they were still on Russian territory.
The Russian aviation industry, which has been affected by the pandemic, will face even more challenges due to Western sanctions.
Relations between Russia and the West escalated after Moscow launched a military operation in Ukraine on February 24. The US and its allies have imposed a series of economic sanctions against Russia.
President Putin admitted yesterday that these sanctions have dealt a heavy blow to Russia, but also harmed the global economy. He said that the current situation is a lesson for Russian businessmen in choosing partners wisely and nothing is more reliable than investing in their home country.
"Western countries choose economic, financial, trade and other sanctions as a weapon against Russia. These measures are backfired on the people of Europe and America in the face of rising gasoline, energy, food prices and job losses related to the Russian market," the Kremlin owner said.
According to him, it is a Western strategy "to weaken Russia" and was implemented long before Moscow launched a military campaign in Ukraine. Even so, he asserted, Russia can withstand the pressure of sanctions. He emphasized, all of the country's national development goals by 2030 must and will be achieved.
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