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Aircraft Leasing Ireland (ALI), a group representing the aircraft leasing industry in Ireland, has terminated all Russian airline leases, Reuters reported.

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ALI said that all Irish lessors cancelled the leases on 28 March, in line with a sanctions deadline set by the European Union (EU).

Currently, ALI members include SMBC Aviation Capital, Avolon, Aircastle and AerCap Holdings.

AerCap, the largest aircraft leasing company in the world, said it was worst affected when the sanctions were introduced, as 5% of its fleet by net book value was leased in Russia.

ALI also noted that all its members have complied with the sanctions and added that Irish lessors currently own more than 60% of the world’s leased aircraft fleet.

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However, the industry body said that it had limited success in recovering its aircraft.

In a statement, ALI said: “The events in Russia are unprecedented and continue to evolve.”

Brussels also set 28 March as the deadline for its lessors to terminate their rental agreements in Russia under the sanctions imposed on Russia after its invasion of Ukraine.

Lessors failing to meet the deadline would face heavy potential writedowns or long insurance battles.

Earlier this month, Russian President Vladimir Putin introduced a new bill that allowed the nation’s airline companies to register aircraft leased from foreign firms. This was a retaliatory measure against sanctions imposed by the West following its invasion of Ukraine.