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FEATURE: New Russian law remains a mystery
27 December 2009
New Russian law No 31-FZ aims to provide a means for lessors to register their rights to aircraft. However, lessors think that ambiguity in the law might make it difficult to comply.
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[Russia]
[Aircraft Registries]
[Aircraft Leasing]
International Leasing Finance Corporation (ILFC) owns dozens of aircraft flying in Russia. None of those aircraft are registered with the Russian Civil Aircraft Registry. Of the times an airline has defaulted and they have had to take legal action, ILFC’s experiences with Russian courts, on the whole, have been positive ones.
“Every time we’ve had to resort to litigation, it has come to the right result,†says David Beker, corporate counsel, ILFC. “It’s time consuming, but with good results.â€
Beker is pleased that law No 31-FZ, which registers owners’ rights and became official on September 13, will create a registry that will help enforce owners’ rights and interests in Russia.
Complying with the law can be challenging. It is ambiguous with regards to non-Russian registered aircraft. Neither procedure nor regulations have been published, and no...
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