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Russia to ‘pay’ for stolen Boeing and Airbus jets in rubles

Russia to 'pay' for stolen Boeing and Airbus jets in rubles

According to the information posted today on Russian legal information portal, Russia’s President Putin had signed a new law that allows the country’s airlines to pay foreign creditors from ‘unfriendly countries’ for the leasing, renting, and purchasing of aircraft in Russian rubles instead of US dollars or euros, as the original contracts stipulate.

The same applies to the leasing and purchase of auxiliary power units and aircraft engines, the new law says.

The latest ‘law’ primarily targets Boeing and Airbus aircraft flown by Russian air carriers.

According to the ruling, payments will be ‘calculated based on the Russian Central Bank’s exchange rate’ on the date of fulfillment of obligations and transferred to an account opened with an unsanctioned Russian bank.

Payments in foreign currency can only be approved by a special government commission, the decree states.

Earlier, Putin signed another ‘law’ allowing Russian airlines to basically steal foreign-owned aircraft on lease, calling it ‘re-registering’ and continue flying them domestically, where they would be out of reach of legal owners.

Dual registration of planes is forbidden under international rules but, in an unprecedented desperate illegal move, so as not to lose the air fleet, Russia passed a ‘law’ allowing it to ‘move’ foreign-owned aircraft to its domestic registry.

According to Russian officials, over 800 aircraft out of a total of 1,367 have already been ‘registered’, and they will be getting ‘airworthiness certificates’ within Russia.

Foreign aircraft leasing firms canceled Russia’s lease contracts earlier in March and demanded that Russian airlines return almost 500 airplanes on lease, following sanctions that banned the supply of aircraft and aircraft parts to Russia over Russian full-scale invasion of Ukraine.

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