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DUBLIN (Reuters) – 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 (NYSE:SMFG) Financial Group, said it expects to make substantial recoveries from its significant insurance coverage.
