Russia likely could refuse to return leased planes, pay in roubles: Report

The Russian government plans to order domestic airlines to pay for leased aircraft in roubles and bar them from returning planes to foreign companies if leases are cancelled, according to a draft law published on Thursday.

Western sanctions introduced in response to Russia’s invasion of Ukraine have forced Russian carriers to cancel many international flights for fear that their aircraft will be seized by foreign lessors or banks.

The sanctions have also frozen much of Russia’s foreign reserves and forced authorities to look for ways to limit foreign currency outflows.

Under a law drafted by the transport ministry, Russian airlines will pay their leases in rubles throughout 2022. If a foreign lessor terminates the agreement, a special government commission is to decide whether the aircraft can be returned or rule that the aircraft must stay in Russia.

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