Lessors are set to terminate hundreds of aircraft leases with Russian airlines following Western sanctions over the invasion of Ukraine that require the contracts be cancelled. Asian lessor BOC Aviation said on Monday that most of its aircraft in Russia would be affected by European Union sanctions that require the leases be terminated by March 28. Russian companies have 980 passenger jets in service, of which 777 are leased, according to analytics firm Cirium. Of these, two-thirds, or 515 jets, with an estimated market value of about $10 billion, are rented from foreign firms in the mainly Ireland-based industry. AerCap Holdings, the world’s biggest leasing company, has the largest exposure to Russia and Ukraine with 152 planes, according to aviation consultancy IBA. AerCap said it would cease its leasing activity with Russian airlines in compliance with sanctions, adding that as of Dec. 31 5 percent of its fleet by net …