SCMP has learned about Chinese planes stranded in Russia due to sanctions.

Chinese leasing companies have faced financial losses due to the non-return of aircraft remaining in RUSSIA following the introduction of Western sanctions, reports South.CHINA Morning Post (SCMP).

AVMAX, a subsidiary of Guangdong-based Shanhe Intelligent, has received a $23 million insurance settlement for three De Havilland jets.CANADA , which were leased to Russian airlines Yakutia and Aurora.

According to the publication, the two contracts expired last year, but "despite ongoing negotiations and efforts, AVMAX has been unable to return the aircraft." The situation is further complicated by Western sanctions against the Russian aviation sector imposed following the start of the military operation in Ukraine .

AVMAX Airwork, a subsidiary, also failed to return six Boeing 757 freighters, demanding the contracts be terminated in 2022. The company only managed to retrieve one aircraft, resulting in hundreds of millions of dollars in losses and the need to write off assets, SCMP notes.

RBC sent a request to the Ministry of Transport, the press services of Yakutia Airlines, and Aurora Airlines JSC.

On August 6, it was reported that Ethiopia had denied Russia's request to lease civilian aircraft from Ethiopian Airlines. This was reported by Capital, citing the Ethiopian Civil Aviation Authority (ECAA). The authority explained that it is not authorized to give instructions to the airline regarding aircraft leasing.

The Russian side expressed interest in leasing aircraft with maintenance from Ethiopian Airlines and also proposed cooperation in aircraft maintenance. Negotiations on this matter took place on July 29 in Addis Ababa with the participation of a Russian delegation led by Trade Representative Yaroslav Tarasyuk and ECAA DIRECTOR General Yohannes Abera. The ministry confirmed that this topic had been discussed but decided to decline.

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