DUBLIN – Aircraft lessor SMBC Aviation Capital on Friday recorded an impairment of $1.6 billion to cover the full financial impact of having 34 jets stuck in Russia after European Union sanctions that forced the termination of all Russian leases.
Irish-headquartered SMBC, which is owned by a consortium including Japan’s Sumitomo Corp and Sumitomo Mitsui Financial Group, said it expects to make substantial recoveries from its significant insurance coverage.
(Reporting by Padraic Halpin; Editing by David Goodman)