Aircraft-leasing companies are working out how to recall billions of dollars of airplanes from Russian airlines after EU sanctions

According to the Financial Times, aircraft-leasing companies are working out how to recall billions of dollars of planes from Russian airlines.

EU Commission President Ursula von der Leyen said in a statement on Sunday that the development came on the back of the EU banning any plane owned, chartered or otherwise controlled by a Russian legal or natural person.

They won't be able to land in, take off or overfly the territory of the EU.

According to the Financial Times, three people briefed on the situation said that leased aircraft are also affected by the sanctions. It means that leasing companies can't enter into new contracts and have to end existing agreements within 30 days.

According to a report from the IBA Group, more than half of the active commercial aircraft fleet in Russia is leased and managed by companies outside the Russian Federation.

Ireland-based AerCap is the most exposed to the issue, according to IBA Group. There are over 150 aircraft worth over $2 billion in Russia and Ukraine. Ireland-based SMBC Aviation Capital is followed by Singapore-based BOC Aviation.

AerCap did not respond immediately to Insider's request for comment. When asked if it was monitoring developments in Ukraine, SMBC Aviation said it was.

The EU sanctions will affect most of the aircraft in Russia, according to BOC Aviation.

Interfax reported that an Aeroflot Group source said that an Irish leasing company was recalling three Boeing planes. Aeroflot did not reply to Insider's request for comment.