Lloyd’s of London, a UK-based insurance and reinsurance market, is staring at potential losses worth billions of dollars after Russia threatened that it would seize planes owned by foreign entities. According to proposals made by the Russian transport ministry, based on multiple media reports, if foreign leasing companies that have leased planes to Russian airline firms wish to terminate contracts, an import substitution government commission will decide whether the planes can be returned or have to remain in Russia. If Russian airlines continue using foreign planes under the lease, the airlines will make lease payments in rubles rather than U.S. dollars or other foreign currencies for the remainder of 2022. Airline companies in Russia have 980 jets in service. Of these, 777 are leased, and among the leased aircraft, two-thirds are rented from foreign leasing specialists. Due to EU sanctions against Moscow, leasing firms in the region only have until …