The ICC Banking Commission conducted its final meeting of 2024 virtually via Teams on 20-21 November. Four separate portions of the event open to Banking Commission members and ICC National Committee representatives took place.
AerCap: USD 2.4b Net Charge on Russian Aircraft Leases
First quarter 2022 financial results released by AerCap, the world’s largest aircraft leasing company, indicate it has recognised a USD 2.4b net charge related to the Russian invasion of Ukraine.
IRELAND: First quarter 2022 financial results released by AerCap, the world’s largest aircraft leasing company, indicate it has recognised a USD 2.4b net charge related to the Russian invasion of Ukraine. As of 1Q22 end, AerCap has recovered about 17% of its aircraft and engines leased to Russian airlines prior to Russia’s February 2022 invasion of Ukraine.
Supporting these leased aircraft and engines, AerCap had LCs valued at USD 260m “confirmed by nine financial institutions in Western Europe” of which it has received USD 210m.
AerCap has “initiated legal proceedings against one financial institution” which rejected its payment demands under certain LCs. AerCap also indicated that it has filed an insurance claim of USD 3.5b for its assets leased to Russian airlines.
