The Wall Street Journal noted that the aggressor country of the Russian Federation seized more than 400 aircraft belonging to foreign companies. This could have dire consequences for the regime of dictator Vladimir Putin.
What is known about Russia's seizure of hundreds of foreign planes
It is essential to understand that the planes stolen by the aggressor country of the Russian Federation are worth billions of dollars.
Moreover, Moscow managed to cause the most significant conflict in the usually stable aviation insurance business.
As the journalists note, some of the world's largest insurers are currently forced to pay off lawsuits from aircraft owners.
They complain that the owners should have done more to prevent the planes from being hijacked.
In lawsuits, they claim that US support for Ukraine means that it is essentially at war with Russia. This will invalidate some claims.
According to analysts, the legal dispute, which spanned two continents and dozens of companies, is likely to affect coverage of future conflicts significantly.
It is essential to understand that we are primarily talking about commercial Airbus and Boeing aircraft leased by Russian and foreign airlines.
They were worth more than $10 billion when they ended up in Russia after its full-scale invasion of Ukraine.
What a chance to take planes from Russia
The dispute broke out in the first days of the war. As you know, Washington and Brussels imposed strong sanctions against the aggressor country, which caused leasing companies to terminate agreements with Russian airlines massively.
After that, more than 400 foreign companies' planes were in limbo.
Leasing companies admit that it is unlikely that the planes will be able to fly to the West again. The Kremlin ordered the airlines not to return these planes. Many planes were registered in Russia and fly domestic routes or abroad to "friendly countries".
According to journalists, the legal battle is still ongoing, and so far, the end of this story should not have been expected.
Some companies have not given up on the idea of getting insurance. Others refuse the offers of Russian insurers with discounts.
