Losses of Western leasing companies due to possible refusal of Russia to return leased aircraft may reach $10 billion, says The Times.

Russian airlines have about 450 aircraft leased from Western companies. In accordance with the sanctions imposed against Russia, the leasing contracts are to be terminated on March 28. It was reported that Russian authorities were going to forcibly retain the leased planes in Russia. Yesterday the Russian government submitted a bill to the State Duma that would allow the registration of rights to leased foreign aircraft.

The Times estimates that AerCap, the world’s largest lessor, could be hit hardest, with Russian airlines leasing 152 aircraft belonging to it. At the end of February the company announced it would stop operations in Russia. Other leasing companies from which Russian airlines lease planes are SMBC, Avolon Aerospace and Carlyle Aviation.

According to experts the retention of leased planes in Russia may lead to long disputes, including between lessors and insurance companies, as well as to the growth of insurance payments in this sphere and re-evaluation of risks in this market.