AerCap, the world's biggest aircraft leasing company which is headquartered in Dublin, has written off $2.7 billion from its earnings as a result of the Russian invasion of Ukraine.

The figure is in the company's financial results for the first quarter of 2022, which were published today.

The company reported a 63% increase in total revenue in the first quarter of $1.79 billion compared to the first quarter of 2021.

It attributed a 75% increase in basic lease rents to its acquisition last year of General Electric Capital Aviation Services.

Net income, after accounting for losses arising from the war in Ukraine, was $540m. The company made a net loss of $2 billion.

The company's statement details how it had 135 aircraft and 14 engines leased to Russian airlines prior to the February invasion. This was equal to 5% of AerCap’s fleet.

Since then, it has removed 22 aircraft and three engines outside Russia but 113 aircraft and 11 engines remain in Russia.

The company also detailed how it had letters of credit relating to its aircraft and engines leased to Russian airlines of approximately $260m "confirmed by nine financial institutions in Western Europe".

It said it had received $210m from these letters of credit and initiated legal proceedings against one financial institution which rejected its payment demand.

It also stated that it has filed an insurance claim of $3.5 billion for its assets leased to Russian airlines but added that "the timing and amount of any recoveries under these policies are uncertain".

"During the first quarter, we ceased all of our leasing activity to Russian airlines and took a charge primarily related to our aircraft and engines that remain in Russia," AerCap's chief executive Aengus Kelly said.

"We have filed insurance claims related to these assets and will vigourously pursue all available remedies to recover our losses," Mr Kelly added.