When Russia decided that holding on to other people’s property was a good way of fighting sanctions levied against it as a result of its invasion of Ukraine, predictions abounded that this would lead to an insurance nightmare.

And indeed, aircraft lessors have lost billions of dollars and are none too happy about insurers not parting with the cash.

Carlyle Aviation Partners, one of the world’s largest aircraft leasing operators, is now seeking $700 million from more than 30 insurers and reinsurers for their failure to pay out claims related to jets stuck in Russia.