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US-based aircraft lessor Air Lease Corporation has announced that it will write off interests in its owned and managed jets fleet stranded in Russia, which is valued at nearly $802m.

Air Lease Corporation said of the total of 27 stranded jets, 21 belonged to the company’s owned fleet while six were part of its managed fleet.

The jets have been stuck in Russia since the country passed a new law on leased jets in March.

The bill, signed by Russian President Vladimir Putin last month, allowed the country’s airline companies to register aircraft leased from foreign firms.

Foreign lessors are said to face a $10bn hit due to this move.

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In a statement, Air Lease Corporation said: “The company has determined that it is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia, which represent 21 aircraft in the company’s owned fleet and six aircraft in the Company’s managed fleet.

“On 19 April 2022, in connection with the preparation and review of the company’s quarterly financial statements for the quarter ended 31 March 2022, the Company determined that it expects to record a write-off of its interests in its owned and managed fleet that remain in Russia, totalling approximately $802.4m.

“The Company does not expect that the write-off of these assets will result in material future cash expenditures for the Company.”

Currently, Air Lease Corporation is pursuing insurance claims to recoup related losses. Last month, Irish aircraft lessor AerCap filed an insurance claim of $3.5bn for more than 100 planes stuck in Russia.