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Aircraft lessor Avolon takes legal action against Lloyds Insurance

Illustration shows Avolon logo

DUBLIN (Reuters) - Aircraft lessor Avolon is taking legal action against Lloyds Insurance in the Irish High court, a filing showed on Thursday, as leasing giants pursue claims over huge losses linked to the Russia-Ukraine war.

Avolon recorded a first-quarter impairment of $304 million to cover the financial impact of having 10 jets stuck in Russia following European Union sanctions that forced the termination of all Russian leases.

A spokesperson for Avolon declined to give any details of the claim saying: "We have always maintained that we will rigorously pursue our claim and issuing proceedings now is the next stage in that process."

(Writing by Conor Humphries; editing by David Evans)