China’s 17 Planes Seized by Russia, China Bank ‘Voluntarily Settles,’ Pays $800M! Are You Kidding Me

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Bank of China's aircraft leasing company, BOC Aviation, has lost $600 million. In March last year, 17 of its planes were seized by Russia, resulting in an $800 million provision for losses. Recently, BOC Aviation decided to cease pursuing compensation for eight of these aircraft, effectively "gifting" them to Russia in exchange for $200 million, thus incurring a direct loss of $600 million.
#russia #chinabanks #chinaobserver
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