Air Lease to write off $802m in charges for planes stranded in Russia
Air Lease Corporation announced it would be writing off the value of the remaining 27 aircraft it has in Russia, which is expected to lead to charges of around $802 million. The Los Angeles-based lessor said in a filing to the US Securities and Exchange Commission on Friday the move involves 21 company-owned planes and six jets in its managed fleet. The write-off in Russia – severely hit with sanctions because of its military offensive in Ukraine – will be reflected in the company's first-quarter earnings report, which is scheduled for May 5, it said. "The United States, European Union, United Kingdom and others have imposed, and may continue to impose, economic sanctions and export controls against certain industry sectors and parties in Russia in connection with the ongoing conflict between Russia and Ukraine," it said in the filing. "In response to the sanctions, the company terminated the leasing of all aircraft leased to Russian airlines. The company has determ...