Industry body Aircraft Leasing Ireland (ALI) has said that all of its members have fully complied with EU sanctions requiring them to terminate lease arrangements with Russian based airlines.

The organisation said the unprecedented events in Russia meant the last number of weeks had been challenging for aircraft leasing companies as they try to recover aircraft "with limited success to date."

"ALI will work very closely with its members over the coming weeks and will continue to liaise with relevant authorities on their behalf," it said in a statement.

Members of the body include AerCap, which has around 150 aircraft worth €2.1bn caught up in the Russia-Ukraine crisis, as well as SMBC Aviation Capital and Avolon which are also impacted.

Foreign lessors who own over 400 aircraft worth more than €9 billion that are on lease to Russian airlines have until today to terminate the contracts under the sanctions.

However, it is looking increasingly likely that most of the firms will not get many of their aircraft back.

This will mean that the companies concerned will be facing the prospect of writing down the value of the aircraft assets or they will have to make insurance claims which could take a long time with no guarantee of success.

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Avolon said it has ended all its leases with Russian airlines, but has only managed to repossess four of 14 aircraft.

SMBC Aviation Capital has 34 aircraft on lease to Russian airlines, at a valuation of around $1.3 billion.

It has issued termination notices in respect of all its leases in Russia and claims it is in full compliance with all sanctions.

"SMBC Aviation Capital continues to carefully monitor developments in Ukraine and is engaged with all relevant authorities," a spokesperson said.

"The business will fully adhere to all relevant sanctions and we have issued termination notices in respect of all leases with Russian airlines."

Both the Republic of Ireland and Bermuda, the two countries in which most of the aircraft are registered, have suspended airworthiness certificates on them.

This in normal circumstances would mean that the aircraft could not fly.

However, it is reported that most continue to be used on domestic routes within Russia.

The Russian parliament recently changed the law though to allow the registration of the aircraft to be transferred to its own register, despite dual registration not being allowed under international rules.

Last week Russia said more than half of the foreign owned aircraft on lease to Russian airlines had already been transferred to the country's own registry, while 78 others had been seized abroad.

- additional reporting Reuters