The sanctions imposed due to the Russian invasion cover more and more areas, now reaching the world of private jets, putting you on alert for dealings with Russia.
While researching, a client of aviation attorney Amanda Applegate discovered that the most recent European model jet for sale, while not registered in Russia, was in fact … Russian owned.
For that buyer, according to Reuters, it was the end of the deal, said Applegate, a partner at US-based Soar Aviation Law, as the West imposes sweeping sanctions on Ukraine following Russia’s invasion. ,
According to European data research and consulting firm WINGX, only about 100 business jets are registered in Russia. However, last year around 400 corporate aircraft frequently took off from the country, raising questions about Russian control of the fleet.
“We believe that a good proportion of the 400 are related to individuals or entities based in Russia,” explained WINGX Managing Director Richard Coe.
According to the manufacturing executive, aircraft manufacturers are conducting questionnaires and additional checks to ensure that parts shipped to repair centers outside Russia are not inadvertently using the sanctions-covered auxiliary jets.
Most Russian-owned business jets are registered outside the country and assets are often hidden in counterfeit companies, Reuters reports. Analysts at Jefferies report that about 5% of European business jets are registered in Russia, although they point out that those actually owned by Russian citizens can triple that amount.
Also read: UAE makes itself available in Moscow to mediate conflict
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