The last few years the market of aviation leasing in Russia continues to grow rapidly. While the overall legislative framework unchanged it is worth noting a number of innovations to consider Russian airlines and foreign leasing companies at the conclusion of leasing agreements.
Improvement of the legislation of the Russian Federation and the Eurasian economic Union in order to implement the provisions of the Cape town Convention
September 1, 2011 for Russia came into force, the Convention on international interests in mobile equipment and the aircraft Protocol thereto, providing specific mechanisms for the protection of the rights of the lessors in cross border transactions (together referred to as the Cape town Convention). One of the key rights of lessor provided for the Cape town Convention is the right of withdrawal, deregistration and export of aircraft from the state in whose territory it is situated, upon the default of lessee on the basis of the so-called irrevocable authority for deregistration and export (IDERA). To date, the incorporation of IDERA in the standard package of documents for the transaction of leasing is common practice.