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 determined that it is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia.
"The company determined that it expects to record a write-off of its interests in its owned and managed fleet that remain in Russia, totaling approximately $802.4m."
The West has led crippling economic and diplomatic sanctions on Russia as it tries to choke off the country's access to markets in response to its aggression on Ukraine. This is aside from several global brands in key industries either suspending its operations in the country or leaving altogether.
The Kremlin retaliated on Thursday, slapping travel bans on US Vice President Kamala Harris, Facebook chief executive Mark Zuckerberg and several other prominent Americans and Canadians, including from the media.
Air travel, meanwhile, is recovering from the coronavirus pandemic as governments lift restrictions and population immunity grows as vaccination rates rise.
A recent survey of travel restrictions for the world’s top 50 air travel markets by the International Air Transport Association (Iata) showed increasing momentum towards reopening borders.
The survey revealed 25 markets representing 38 per cent of 2019 international demand are open to vaccinated travellers without quarantine measures or testing requirements — up from 18 markets in mid-February.
Global passenger traffic is on track to rebound to pre-pandemic levels by 2024, although the Russia-Ukraine conflict poses near-term risks, Iata said in March. The number of travellers is expected to reach four billion in 2024, more than double pre-coronavirus levels recorded in 2019, it said.
Air Lease – which earlier this month confirmed an initial pact for 32 Boeing 737 Max jets – previously disclosed it had approximately 3.4 per cent of its fleet by net book value on lease to customers in Russia as of March 31.
It does not expect the write-off to result in material future cash expenditures. The company is also "vigorously" pursuing insurance claims to recover losses as a result of this move.
"These forward-looking statements are only predictions and involve estimates, known and unknown risks, assumptions and uncertainties that could cause actual results to differ materially from those expressed in such statements," Air Lease said.
Wicked: For Good
Director: Jon M Chu
Starring: Ariana Grande, Cynthia Erivo, Jonathan Bailey, Jeff Goldblum, Michelle Yeoh, Ethan Slater
Rating: 4/5
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Gifts exchanged
- King Charles - replica of President Eisenhower Sword
- Queen Camilla - Tiffany & Co vintage 18-carat gold, diamond and ruby flower brooch
- Donald Trump - hand-bound leather book with Declaration of Independence
- Melania Trump - personalised Anya Hindmarch handbag
The specs: Audi e-tron
Price, base: From Dh325,000 (estimate)
Engine: Twin electric motors and 95kWh battery pack
Transmission: Single-speed auto
Power: 408hp
Torque: 664Nm
Range: 400 kilometres
Electric scooters: some rules to remember
- Riders must be 14-years-old or over
- Wear a protective helmet
- Park the electric scooter in designated parking lots (if any)
- Do not leave electric scooter in locations that obstruct traffic or pedestrians
- Solo riders only, no passengers allowed
- Do not drive outside designated lanes
Ms Yang's top tips for parents new to the UAE
- Join parent networks
- Look beyond school fees
- Keep an open mind
UAE currency: the story behind the money in your pockets
Naga
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The specs
Engine: 3.0-litre six-cylinder MHEV
Power: 360bhp
Torque: 500Nm
Transmission: eight-speed automatic
Price: from Dh282,870
On sale: now
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Wicked
Director: Jon M Chu
Stars: Cynthia Erivo, Ariana Grande, Jonathan Bailey
Specs
Engine: Duel electric motors
Power: 659hp
Torque: 1075Nm
On sale: Available for pre-order now
Price: On request
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Director: Paul Weitz
Stars: Kevin Hart
3/5 stars
Benefits of first-time home buyers' scheme
- Priority access to new homes from participating developers
- Discounts on sales price of off-plan units
- Flexible payment plans from developers
- Mortgages with better interest rates, faster approval times and reduced fees
- DLD registration fee can be paid through banks or credit cards at zero interest rates
THE BIO
Age: 33
Favourite quote: “If you’re going through hell, keep going” Winston Churchill
Favourite breed of dog: All of them. I can’t possibly pick a favourite.
Favourite place in the UAE: The Stray Dogs Centre in Umm Al Quwain. It sounds predictable, but it honestly is my favourite place to spend time. Surrounded by hundreds of dogs that love you - what could possibly be better than that?
Favourite colour: All the colours that dogs come in
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
Fixtures
Tuesday - 5.15pm: Team Lebanon v Alger Corsaires; 8.30pm: Abu Dhabi Storms v Pharaohs
Wednesday - 5.15pm: Pharaohs v Carthage Eagles; 8.30pm: Alger Corsaires v Abu Dhabi Storms
Thursday - 4.30pm: Team Lebanon v Pharaohs; 7.30pm: Abu Dhabi Storms v Carthage Eagles
Friday - 4.30pm: Pharaohs v Alger Corsaires; 7.30pm: Carthage Eagles v Team Lebanon
Saturday - 4.30pm: Carthage Eagles v Alger Corsaires; 7.30pm: Abu Dhabi Storms v Team Lebanon
THE LIGHT
Director: Tom Tykwer
Starring: Tala Al Deen, Nicolette Krebitz, Lars Eidinger
Rating: 3/5
JUDAS AND THE BLACK MESSIAH
Directed by: Shaka King
Starring: Daniel Kaluuya, Lakeith Stanfield, Jesse Plemons
Four stars
A general guide to how active you are:
Less than 5,000 steps - sedentary
5,000 - 9,999 steps - lightly active
10,000 - 12,500 steps - active
12,500 - highly active
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'O'
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PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
New UK refugee system
- A new “core protection” for refugees moving from permanent to a more basic, temporary protection
- Shortened leave to remain - refugees will receive 30 months instead of five years
- A longer path to settlement with no indefinite settled status until a refugee has spent 20 years in Britain
- To encourage refugees to integrate the government will encourage them to out of the core protection route wherever possible.
- Under core protection there will be no automatic right to family reunion
- Refugees will have a reduced right to public funds
UAE currency: the story behind the money in your pockets
