In a statement Air Lease Corp said, it is weighing options to write-off the value of 27 jets that are in sanctions-hit Russia, in a move that could lead to charges of nearly $802 million.

Global aircraft leasing companies have scrambled to repossess more than 400 jets, worth around $10 billion from Russian airlines, which have mostly been unresponsive to demands for surrendering the planes.

“It is unlikely that the company will regain possession of the aircraft that have not been returned and that remain in Russia,” said Air Lease in a statement.

The write-off, which includes 21 company-owned jets and six aircraft in Air Lease’s managed fleet, will be reflected in the first-quarter earnings report slated for May 5.

Air Lease said it “does not expect the write-off to result in material future cash expenditures and that it was pursuing insurance claims to recover losses relating to the aircraft”.

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