The world's largest aircraft leasing company has filed a $3.5 billion insurance claim over aircraft and engines stuck in Russia

• AerCap has over 100 jets stuck in Russia.
• The company has managed to retrieve 22 of 135 planes, and three of 14 engines leased to Russian firms.

The world's biggest aircraft leasing firm, AerCap, has filed a $3.5 billion insurance claim over its planes and engines currently stuck in Russia.

The Dublin-based company has managed to retrieve 22 of the 135 planes currently leased in Russia, as well as three of its 14 engines, but over 100 jets remain in the country, the company said on Wednesday.

Speaking on an earnings call, AerCap's CFO, Peter Juhas, said: "Last week, we submitted an insurance claim for approximately $3.5 billion with respect to our aircraft and engines remaining in Russia."

He added that the company "also planned to pursue all other avenues for the recovery of the value of our assets, including other legal claims available to us. However, it is uncertain whether these efforts will be successful."

European Union sanctions levied against Russia following Moscow's decision to invade Ukraine required leasing companies to terminate arrangements with Russian counterparties. On February 27, the EU gave lessors 30 days to fly their planes out of Russia, prompting firms to rush to cancel contracts with airlines.

Efforts to retrieve the aircraft have been complicated by a lack of cooperation from Russian authorities as well as airspace closures hampering movement of aircraft from Russia.

Aviation consultancy Ishka earlier estimated that $12 billion worth of leased aircraft are stuck in Russia as a result of Western sanctions, Insider's Taylor Rains reported. Some experts have predicted that many companies may have to abandon any expectations of retrieving them.

AerCap's CEO, Aengus Kelly, said on Wednesday that the firm will be relentless in pursuing its claims.

"We intend to vigorously pursue all of our claims under these policies with respect to our assets leased to Russian airlines, as well as all other legal remedies that may be available to us," Kelly said on Wednesday's call.

AerCap did not immediately respond to Insider's request for further comment.

Russia is a signatory of the Cape Town Convention, an international treaty that is supposed to make aircraft repossessions more effective, but experts predict insurers could face record losses over irretrievable aircraft, the Financial Times reported.

The world's largest insurance broker, Marsh, predicts the sector could faces losses of $5 billion as a result of the deadlock, while ratings agency Fitch puts losses at up to $10 billion, the FT reported.