Air Lease on aircraft in Russia: 'It is unlikely that the company will regain possession of the aircraft that have not been returned'

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Air Lease Corp. signs off on aircraft stranded in Russia. | Unsplash | Lukas Souza

Air Lease Corp. has confirmed plans to write off its power over the 27 jets it has remaining in Russia amid related sanctions. The charges related to the sale are expected to reach $802 million. 

"It is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia," Air Lease said in a statement, Reuters reported.

According to Reuters, the write-off covers 21 company-owned jets and six additional aircrafts managed by Air Lease. The changes will be reflected on the company’s first-quarter earnings report, scheduled to be released on May 5.

The company has been working to recover the more than 400 stranded jets worth nearly $10 billion. The aircraft is currently housed under the possession of Russian airlines, which has yet to offer collaboration to return it.

With little hopes for the move to result in future cash expenditures, the company plans to pursue insurance claims "to recover losses relating to the aircraft."