Bass, Berry & Sims attorney Thad McBride with join Marc Latman and John McCarthy from SGR’s Aviation Team for another engaging webinar on Russian Sanctions for the Aviation sector. This webinar will take place on Thursday, March 31, 2022 from 8 A.M – 9 A.M PT / 11 A.M – 12 P.M. ET / 4 P.M – 5 P.M London and Dublin Time.
Through its March 18, 2022 press release, the U.S. Commerce Department, Bureau of Industry and Security (BIS) put the world on notice that it intends to vigorously administer the export restrictions it announced February 24 and again on March 2, 2022 related to aircraft and aviation-related items destined for Russia/Belarus. While the March 18 press release only lists 100 aircraft, it sets the stage for future listings that could cover a much larger number of aircraft and potentially aircraft engines. These restrictions could be applied to companies and individuals, regardless of nationality, anywhere in the world. Further, March 28, 2022 marks the end of the EU-mandated wind-down period for terminating existing aviation transactions with Russian airlines.
These US and EU actions have significant implications to aircraft lessors, aviation lenders and other aviation companies, whether or not directly conducting business with Russian entities or individuals. Among other things, aviation companies need to consider issues such as the following:
- My aircraft/engine is no longer in the control of a Russian airline, but how do I get physical possession of my aircraft/engine from a third party?
- Can I still negotiate with or take actions against Russian airlines that maintain possession of my aircraft/engine?
- What can or can’t I do if my aircraft has been listed with BIS?
- I have been paid by a Russian airline and am contractually obligated to return the aircraft to them. What is my liability for not returning possession?
- What restrictions are there on providing services to or related to aircraft traveling to or within Russia?
There will be a brief presentation on the current state of the restrictions on the aviation industry, followed by a Q&A session to hear the most pressing questions answered.
Please provide any questions in advance on the registration form or send them to: AviationWebinarQuestions@sgrlaw.com.