“Difficult situation” for €4bn Irish planes in Russia

Irish-owned planes stuck in Russia are unlikely to be returned any time soon, that’s according to Colm Markey. Hundreds of aircraft owned by Irish leasing companies have not been returned since EU sanctions came into force. In its financial results, published today, leasing firm Avolon, announced a net loss and admitted that ten of its aircraft stuck in Russia had led to “an impairment” of close to €300 million. The issue is expected to be raised in the European Parliament this afternoon. Fine Gael MEP, Colm Markey, believes sanctions will limit Russia's ability to fly the planes.

Out words: Difficult situation

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