An aircraft-leasing company says it will write off $800 million worth of jets stuck in Russia amid sanctions

An American aircraft-leasing company said it will write off the value of its jets stuck in Russia.

Air Lease Corporation had 27 jets stranded in Russia after Western imposed sanctions on Russia.

The write-off is expected to cost the company a lot.

Air Lease said in a statement that it is unlikely that the company will regain possession of the aircraft that have not been returned.

Air Lease Corporation did not respond to Insider's request for comment made outside of normal working hours.

The aviation industry has been hard hit by the war between Russia and Ukraine. Air-leasing companies have had to cut their contracts with Russian airlines because of the sanctions.

The EU banned any plane owned, chartered or otherwise controlled by a Russian person as part of its sanctions on Russia.

According to Ishka, lessors were given 30 days to get their planes out of Russia and return them to their owners.

Difficulties for air-leasing companies in getting to Russia to repossess planes have been created by airspace bans in Russia, Europe and the US.

Russia signed a new law last month authorizing the seizure of hundreds of Western-built aircraft operated by Russian airlines. The jets will be added to the country's aircraft register to be used on domestic routes.

Air Lease is not the only company that is struggling. AerCap has over 100 jets stuck in Russia and has submitted an insurance claim for approximately $3.5 billion for the loss of assets.

Air Lease will let go of 21 company-owned jets and six planes in its management fleet. It told the outlet that it will try to recover the losses of its jets stuck in Russia.