Irish aircraft leasing firm SMBC takes €1.6bn hit on 34 jets stuck in Russia

Airlines continue to fly the aircraft within Russia and to countries from which repossession has not been possible

SMBC said it expects to make substantial recoveries from its insurance coverage. File Picture.

Dublin-headquartered SMBC said it has taken a $1.1bn (€1.09bn) net loss after terminating contracts of leasing aircraft to Russian airlines following the war in Ukraine.

One of the largest aircraft leasing firms in the world, SMBC said it has recorded an impairment of $1.6bn (€1.58bn) to cover the full financial impact of having 34 jets stuck in Russia after European Union sanctions forced the termination of all Russian leases.