AerCap, the world’s biggest aircraft leasing company, said it had lodged an insurance claim of $3.5bn to cover the potential loss of its planes and engines that remain stuck in Russia, setting the stage for a protracted battle between the industry and insurers.
The Dublin-based company had the largest exposure of any foreign lessor to Russia when western sanctions were introduced after its invasion of Ukraine.
It said on Wednesday it had about $2.5bn at risk and warned it expected to at least partially write down the value of its assets in the first quarter.
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