One of the big targets was the country's aviation sector.

其中一個大目標是該國的航空部門。

It triggered a global scramble by aircraft owners to get their planes out of the country

它引發了全球飛機所有者爭相將他們的飛機運出該國的局面。

before the sanctions came into effect.

在制裁生效之前。

515 leased aircraft worth an estimated $10 billion were stuck in Russia.

價值約100億美元的515架租賃飛機被滯留在俄羅斯。

Meanwhile, the businesses that rent out these aircraft were trying to work out how to recover

與此同時，出租這些飛機的企業正在努力研究如何恢復

their assets and avert a crisis.

他們的資產和避免危機。

From a legal perspective, it's probably the most significant story in aviation.

從法律角度來看，這可能是航空業最重要的故事。

Paul Jebely is chair and founder of the Hague Court of Arbitration for Aviation,

保羅-傑貝利是海牙航空仲裁院的主席和創始人。

a specialized court to mediate disputes in the aviation industry.

一個專門的法庭來調解航空業的爭端。

It's been earth-shattering. I don't recall in 15 plus years of practice there ever being

這已經是驚天動地了。我不記得在15年多的實踐中，曾經有

a situation quite like this, both on magnitude and on scope. It's been very significant.

一個像這樣的情況，無論是在規模上還是在範圍上。它是非常重要的。

Accusations of theft by the Russian state came after the Kremlin signed a new law

在克里姆林宮簽署了一項新的法律後，對俄羅斯國家的盜竊行為提出了指責。

on March 14th, two weeks after its invasion of Ukraine,

3月14日，在其入侵烏克蘭的兩週後。

which allowed foreign jets to be re-registered in Russia.

其中允許外國噴氣機在俄羅斯重新註冊。

This made it possible for the jets to fly domestically, but doing this without the sign-off

這使得噴氣機有可能在國內飛行，但在沒有簽字的情況下這樣做

of the plane's original owners is illegal, and could trigger several long-term, costly

對飛機的原主人來說，這是不合法的，並可能引發一些長期的、昂貴的費用。

consequences in the process.

在這個過程中的後果。

Six months after the crisis began, it was estimated lessors had been able to recover

危機開始6個月後，據估計，出租人已經能夠恢復

around 80 aircraft, leaving more than 400 still stranded, with an approximate market

約80架飛機，留下400多架飛機仍然滯留，市場上約有

value of $8.5 billion.

價值為85億美元。

It's the business of aircraft lessors to lease aircraft in jurisdictions across the

飛機出租人的業務是在美國各地的司法管轄區租賃飛機。

world and certainly before this, Russia was one of the riskier jurisdictions,

世界上，當然在此之前，俄羅斯是風險較大的司法管轄區之一。

but exactly nobody expected something like this to happen.

但完全沒有人想到會發生這樣的事情。

More than half of the planes in our skies don't actually belong to the airline you're flying with.

在我們的天空中，超過一半的飛機實際上並不屬於你所乘坐的航空公司。

They're owned by aircraft lessors.

它們是由飛機出租人擁有的。

Contracts can be short or long, include insurance and crew or not.

合同可長可短，包括保險和船員或不包括。

But leasing has risen in popularity over the years as a way for airlines to quickly scale up and down.

但是，作為航空公司快速擴大和縮小規模的一種方式，租賃在過去幾年中已逐漸流行起來。

The situation in Russia has put the industry in the spotlight.

俄羅斯的局勢使該行業成為關注的焦點。

And it's the world's aircraft leasing capital that's the most exposed.

而世界上的飛機租賃之都才是曝光率最高的。

Irish aircraft leasing groups are among the worst affected,

愛爾蘭飛機租賃集團是受影響最嚴重的公司之一。

with planes worth more than $4 billion leased to Russian airlines.

價值超過40億美元的飛機租給了俄羅斯的航空公司。

Ireland's journey to becoming an aircraft leasing powerhouse began in the 1970s when

愛爾蘭成為飛機租賃強國的旅程始於1970年代，當時

Ryanair's future co-founder Tony Ryan set up Guinness Peat Aviation.

瑞安航空未來的聯合創始人託尼-瑞安成立了吉尼斯-皮特航空。

Business took off, with the company flouting a $4 billion valuation at its peak.

業務起飛了，公司在高峰期的估值達到40億美元。

Shortly after, however, a failed stock market listing led to the company's downfall.

然而，不久之後，一次失敗的股市上市導致了該公司的衰落。

The company's assets were acquired by GE Capital, which was later acquired by AerCap,

該公司的資產被通用電氣資本公司收購，後者後來被AerCap收購。

now the biggest aircraft lessor in the world.

現在是世界上最大的飛機出租人。

But Ireland's footprint is larger than just AerCap.

但愛爾蘭的足跡不僅僅是AerCap。

Fourteen out of the world's top 15 lessors are headquartered in the country.

世界排名前15位的出租人中，有14位的總部設在該國。

Irish lessors manage more than $100 billion in assets and 60% of the world's leased aircraft.

愛爾蘭出租人管理著超過1000億美元的資產和全球60%的租賃飛機。

This means an Irish-leased aircraft takes off every two seconds.

這意味著每兩秒鐘就有一架愛爾蘭租用的飛機起飛。

More recently, the Irish government has been incredibly sort of forward thinking in

最近，愛爾蘭政府在以下方面具有令人難以置信的前瞻性

terms of its double taxation treaties, which when you're leasing aircraft is very efficient

其雙重徵稅條約的條款，當你租賃飛機的時候，這是非常有效的。

for withholding taxes.

用於預扣稅款。

Michael Graham values leased aircraft and has been analyzing the effect

邁克爾-格雷厄姆對租賃飛機的價值進行了評估，並一直在分析其影響。

of Russia's invasion on the leasing market.

俄羅斯對租賃市場的入侵。

He's also Irish.

他也是愛爾蘭人。

Tax is often cited as the only reason that lessors are in Ireland. There are plenty of low tax jurisdictions.

稅收常常被認為是出租人在愛爾蘭的唯一原因。有很多低稅率的司法管轄區。

But I think Ireland has that sort of extra depth of talent and a supportive government as well.

但我認為愛爾蘭有那種額外的人才深度和一個支持性的政府。

Ireland's corporate tax rate of 12.5%, one of the lowest in Europe, has successfully

愛爾蘭的企業稅率為12.5%，是歐洲最低的稅率之一，已經成功地實現了這一目標。

attracted many of the globe's biggest multinational companies.

吸引了許多全球最大的跨國公司。

But it has agreed, along with 130 other countries, to operate a 15% minimum tax rate from 2023 onwards,

但它已經與其他130個國家達成協議，從2023年起實行15%的最低稅率。

for companies earning more than €750 million globally.

為全球收入超過7.5億歐元的公司。

Between 2009 and 2018, income for companies connected to the aircraft leasing business

2009年至2018年期間，與飛機租賃業務有關的公司的收入

rose by almost 235%.

增長了近235%。

Profits rose even more, a 327% increase, reaching €4.7 billion in 2018.

利潤漲幅更大，增加了327%，在2018年達到47億歐元。

However, businesses paid just under €600 million in taxes that year and an average

然而，企業在這一年支付的稅款略低於6億歐元，而平均

of €223 million per year in that period.

在此期間，每年有2.23億歐元的收入。

As the size and volume of Irish leasing companies grew, so too did the airlines' reliance on leased aircraft.

隨著愛爾蘭租賃公司的規模和數量的增長，航空公司對租賃飛機的依賴性也在增加。

Leasing planes is far less of a financial commitment than buying them.

租賃飛機比購買飛機的財務承諾要少得多。

It also allows airlines to operate newer planes and increase fleet capacity much faster.

它還允許航空公司營運較新的飛機並更快地增加機隊容量。

In nearly five decades, the percentage of aircraft on commercial lease has soared from

在近五十年中，商業租賃的飛機比例已經從原來的20%飆升到40%。

0.5% to more than 50%.

0.5%到50%以上。

Russia is the fourth largest source of Irish companies' leasing income after China, the U.S. and Ireland.

俄羅斯是繼中國、美國和愛爾蘭之後愛爾蘭公司的第四大租賃收入來源。

As a result, the sanctions on Russia are likely to cause a financial hit.

是以，對俄羅斯的制裁可能會造成財政上的打擊。

Why is Russia such a big market for Irish lessors and lessors in general?

為什麼俄羅斯對愛爾蘭出租人和一般出租人來說是一個如此大的市場？

Just it's a large market for domestic and international passenger travel and what that

只是它是一個國內和國際客運旅行的大市場，而那是什麼？

means is that it's a large market for aircraft and many airlines do not own their aircraft outright.

意思是說，這是一個龐大的飛機市場，許多航空公司並不直接擁有他們的飛機。

So, it was very much natural that the Russian fleet was as sizeable as it was for the aircraft

所以，俄羅斯艦隊的規模和它的飛機一樣大，是非常自然的。

leasing community.

租賃社區。

It's had a very significant disruption for the aircraft lessors that have been impacted in particular,

它對特別是受到影響的飛機出租人產生了非常大的干擾。

but also it's caused shockwaves throughout the entire aircraft leasing and aircraft financing community as well.

但它也在整個飛機租賃和飛機融資界引起了震動。

While AerCap has the highest exposure to the Russian market, SMBC Aviation Capital has

雖然AerCap公司在俄羅斯市場的風險最高，但SMBC航空資本公司卻有

a larger percentage of their fleet stuck in the country.

他們的車隊有更大比例停留在國內。

However, the impact on their bottom lines is expected to be minimal.

然而，對其底線的影響預計是最小的。

All the lessors declined to comment when CNBC reached out to them.

當CNBC與他們聯繫時，所有的出租人都拒絕發表評論。

Can the authorities give special dispensation on grounds that this is an extraordinary circumstance?

當局能否以這是一種特殊情況為由給予特別豁免？

The best way to think of commercial aircraft I always say is they are paper planes.

我總是說，思考商用飛機的最佳方式是它們是紙飛機。

They are only as good as the documentation and maintenance records in particular.

它們只有在文件和維護記錄中才是好的，特別是維護記錄。

Unfortunately, for the lessors who have recovered aircraft, many of them do not have a full suite of maintenance records.

不幸的是，對於那些回收飛機的出租人來說，他們中的許多人沒有一整套的維修記錄。

For the safety regulators to allow planes back into commercial service,

對於安全監管機構來說，允許飛機重新投入商業服務。

lessors need to put each aircraft through long and expensive checks to reconstruct its records.

出租人需要對每架飛機進行長時間和昂貴的檢查以重建其記錄。

Some aircraft in recent years, they've tried to digitize them.

最近幾年的一些飛機，他們試圖將其數字化。

But the reality is, you still need the sort of grubby fingerprint, hard copies,

但現實是，你仍然需要那種邋遢的指紋，硬拷貝。

and you can rebuild maintenance records, but it is expensive, it takes time.

而且你可以重建維修記錄，但這很昂貴，需要時間。

And don't forget, maintenance records obviously get longer over time, so the older the aircraft,

而且別忘了，維修記錄顯然會隨著時間的推移而變長，所以飛機越老。

potentially the more expensive it can be to rebuild the maintenance record.

潛在的是，重建維修記錄的費用會越高。

The fact is that when these aircraft are recovered, they will have far less value than they do

事實是，當這些飛機被收回時，它們的價值將遠遠低於它們的價值。

today and that revolves around the central question over whether these aircraft

今天的問題是圍繞著這些飛機是否是 "不受歡迎的 "這一核心問題。

are total losses, but I don't believe we're quite at that point yet for the majority of the fleet.

是完全的損失，但我相信對於大多數艦隊來說，我們還沒有到那個地步。

In the meantime, lessors affected by the sanctions have begun insurance claims;

同時，受制裁影響的出租人已經開始進行保險索賠。

AerCap's is worth $3.5 billion.

AerCap的價值為35億美元。

This will all result in a generation of litigation, and it will keep folks like me and all my

這一切都將導致一代人的訴訟，它將使像我和我所有的朋友們

peers quite busy for the foreseeable future.

在可預見的未來，同行們相當忙碌。

Is this terminal for the lessors or is this just a severe impact on their balance sheet?

這對出租人來說是終端，還是隻是對他們的資產負債表產生嚴重影響？

I think it's probably the latter. I think it's important to put this crisis in the context

我認為這可能是後者。我認為重要的是要把這場危機放在一個背景下

of what lessors have been through in the last two and a half years.

在過去兩年半的時間裡，出租人所經歷的一切。

And what's been most pleasantly surprising is that lessors have come through this relatively strong.

而最令人驚喜的是，出租人在這一過程中表現得相對堅強。

So I don't think it's terminal for the leasing community, but it's a challenge they'll have to overcome.

所以我不認為這對租賃界來說是終點，但這是他們必須克服的挑戰。