In sanctions hitch, EasyJet exits leases on Russia-owned jets

Bloomberg

EasyJet Plc terminated rental contracts on six Airbus SE jets owned by a Russian state leasing company in a rare example of sanctions depriving a European carrier of aircraft.
EasyJet cancelled the leases on the A319 narrowbodies owned by a unit of state-controlled GTLK shortly after the UK and European Union acted to punish Vladimir Putin over the invasion of Ukraine in late February, according to a person familiar with the matter.
The low-cost UK carrier acted due to the Russian link even though it wasn’t clear at the time whether rapidly evolving rules would allow it to operate or maintain the aircraft, said the person, who asked not to be named discussing confidential matters.
Aviation has been a flash point in the global faceoff between Moscow and nations led by the US, UK and European Union since the February 24
invasion.
While a range of sanctions targeting the industry were meant to sever Russia’s links with the outside world, European entities have also been caught up in the measures.
EasyJet is one of a handful of non-Russian carriers that rented planes from Russian-owned lessors.
The six jets, each more than 11 years old, have been in storage since March 2020, according to aviation analytics firm Cirium, when the coronavirus pandemic caused a sudden drop in demand for air travel.
Hundreds of foreign-owned planes have effectively been confiscated by Russian carriers as part of the economic battle. The UK and EU directly sanctioned GTLK, or State Transport Leasing Co, this month.
The lease terminations were confirmed by an EasyJet spokeswoman. GTLK didn’t immediately respond to requests for comment.
Turkey’s SunExpress, which is partially owned by Deutsche Lufthansa AG, also has a
GTLK-owned Boeing 737-800 jet in storage, according to
Cirium data. SunExpress didn’t respond to a request for
comment.
Latvia’s SmartLynx Airlines confirmed it has stopped paying leases on four grounded Airbus A321s.