Hundreds of Russia Plane Leases to Be Axed After EU Sanctions

BoC Aviation model planes are seen at their office in Singapore in this May 16, 2016 photo illustration. Edgar Su/Illustration/Reuters

Lessors are set to terminate hundreds of aircraft leases with Russian airlines following Western sanctions over the invasion of Ukraine that require the contracts be cancelled.

Asian lessor BOC Aviation said on Monday that most of its aircraft in Russia would be affected by European Union sanctions that require the leases be terminated by March 28.