Aviation sector faces losses “on a par with 9/11”

543 Boeing and Airbus aircraft that will be seized by the Russian Government under new legislation carries a market value of $13 billion, according to Russell Group.

The move - justified by the Russian Government as securing collateral for a depleted Russian aviation sector that has been crippled by global sanctions - is unprecedented, and will deepen the conflict between Russia, Ukraine and its relationship with the West.

Russia’s aviation sector has been crippled by the conflict with the country’s largest flight operator, Aeroflot blocked from European and North American airspace.

Russian companies in the aviation or space industry have been blocked from accessing British-based insurance or reinsurance services directly or indirectly.

Suki Basi, Russell Group MD commented on the release of the figures: “The nightmare scenario that has kept many of our clients awake at night has now finally happened and it will leave a significant mark on the aviation war market on a par with 9/11.”