⚠ Russia Kept Twelve AircraftLow threat

Marubeni (8002) — threat to the moat

Aircraft leasing's real counterparty risk is a government, and Russia showed what that costs.

In March 2022 Marubeni's aircraft-leasing business terminated the leases on twelve aircraft in Russia1, and the aircraft stayed where they were. A cash settlement of about ¥4 billion was received in the year to March 20262, and Marubeni's gross exposure to Russia was ¥4.7 billion at March 20263.

Russia exposure in the aircraft businessLeases terminated, March 202212 aircraftSettlement received, year to Mar 2026about ¥4bnGross Russia exposure, March 2026¥4.7bnMarubeni IR materials and Integrated Report 2026
Twelve aircraft lost to a government, a small settlement, and a small remaining exposure.

The loss was contained, which is the point: a lessor's worst case is not a bad customer but a government that decides the assets will not be returned. Aircastle leases aircraft around the world, and each lease is a bet on a jurisdiction as well as an airline.

The settlement came four years after the terminations45, which is how long a lessor may wait for a political dispute to become a cash payment. Aircastle's owned assets have since grown to $8.5 billion6, and each new lease is another jurisdiction in which the same thing could happen.

The number to watch is aircraft in jurisdictions without enforceable repossession. It is not disclosed, which is the disclosure gap.

References
  1. ReportedIn March 2022 Marubeni's aircraft-leasing business terminated the leases on twelve aircraft in Russia, and the aircraft stayed where they were.
    Marubeni Corporation, IR supplementary materials for the fiscal year ended March 31, 2023 - the gain on the sale of Gavilon's grain business and the Russian aircraft lease terminations. — FY to March 2023 · publ. 8 May 2023 · source ↗
  2. ReportedA cash settlement of about ¥4 billion was received in the year to March 2026, and Marubeni's gross exposure to Russia was ¥4.7 billion at March 2026.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - resource asset table (stakes, capacities, partners and exposures), equity volumes, sensitivities to commodity prices and currencies, and the Middle East risk scenarios and risk-management framework. — FY to March 2026 · publ. 1 May 2026 · source ↗
  3. ReportedA cash settlement of about ¥4 billion was received in the year to March 2026, and Marubeni's gross exposure to Russia was ¥4.7 billion at March 2026.
    Marubeni Integrated Report 2026, Section 6 Corporate Data - the twelve-year financial summary (revenue, gross trading profit, operating profit, share of associates, net profit, adjusted net profit, EPS, dividends, ROE, ROA, net D/E, cash flows, total assets and equity), shareholder composition, employees and gross risk exposure by country. — FY to March 2015 - FY to March 2026 · publ. 2026 · source ↗
  4. ReportedThe settlement came four years after the terminations, which is how long a lessor may wait for a political dispute to become a cash payment.
    Marubeni Corporation, IR supplementary materials for the fiscal year ended March 31, 2023 - the gain on the sale of Gavilon's grain business and the Russian aircraft lease terminations. — FY to March 2023 · publ. 8 May 2023 · source ↗
  5. ReportedThe settlement came four years after the terminations, which is how long a lessor may wait for a political dispute to become a cash payment.
    Marubeni Corporation, full-year IR presentation for the fiscal year ended March 31, 2026 - net profit of major group companies by segment, with ownership and business descriptions. — FY to March 2026 · publ. 1 May 2026 · source ↗
  6. ReportedAircastle's owned assets have since grown to $8.5 billion, and each new lease is another jurisdiction in which the same thing could happen.
    Marubeni Integrated Report 2026, Section 5 Business Portfolio - the businesses inside each segment, recent acquisitions and disposals, and the issues each segment names for itself. — 2026 · publ. 2026 · source ↗
Sources
Generated September 24, 2026