The war in Ukraine is creating financial stress for two aircraft leasing companies in South Florida whose planes are being held hostage in Russia.
The firms are seeking an estimated $850 million combined from more than 30 insurance carriers over their alleged refusal to pay claims resulting from the Russian government’s seizure of jetliners and engines at the start of the invasion of Ukraine, according to separate complaints filed in Miami-Dade Circuit Court.
The planes, according to the lawsuits, have been impossible to recover as a result of economic sanctions against the Russian Government by the U.S., United Kingdom and members of the European Union. The sanctions triggered the terminations of aircraft leases with multiple Russian airlines, according to the lawsuits.
