The Russian invasion of Ukraine in February of 2022 effectively trapped about 400 aircraft that had been leased to various Russian commercial airlines.
Since then, international aircraft leasing companies have been suing dozens of insurance providers on claims for the aircraft. Upon reaching financial settlements with the Russian state-owned insurance company NSK the insurers turned over ownership to NSK, who then transferred ownership of the aircraft to the Russian airlines.
Insurance claims settled thus far have totaled nearly $3 billion covering about 100 of the aircraft. The total amount of claims when all is settled could be more than $8 billion.
Some of the settlements reached to date include:·
Aercap, the world’s largest lessor based in Ireland, since September 2023 has received $645 million for 17 jets and five engines leased to state-controlled airline Aeroflot, and another $572 million for 47 aircraft and five engines leased to JSC Ural and JSC Siberia (S7). They also have pending suits against AIG and Lloyd’s of London totaling $3.5 billion for 116 aircraft and 23 engines.
Air Lease received $64.9 million for four Airbus jets leased to S7.
BOC in Singapore received $269 million for 12 aircraft leased to Aeroflot subsidiaries Pobeda and Rossiya, and S7. The company also recognized an $804 million asset write-down.
Aircastle received $43 million for four aircraft and booked $252 million in impairment losses.
Dubai Aerospace Enterprise received a $118 million cash settlement for seven aircraft leased to Aeroflot and wrote off nearly $600 million for 19 aircraft.
CDB Aviation, based in Ireland and owned by China Development Bank, settled for 1.562 billion yuan, about $220 billion for five airplanes.
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