Aviation lessor settlements with Russia over trapped planes

Aircraft leasing firms have secured settlements with Russia totalling more than $2.5b for over a quarter of the roughly 400 aircraft stuck in the country since Moscow's invasion of Ukraine in 2022. In return, international lessors are handing ownership of the planes to state insurance company NSK, which will transfer them to Russian airlines. NLK-Finance, a subsidiary of NSK, has been allocated 296.8b roubles ($3.31b) to date to buy out aircraft that have been the subject of a stand-off between international lessors and insurers, Russia's finance ministry said this month. The impact of these settlements on lawsuits launched by lessors against Western insurers was unclear, the heads of aircraft lessors DAE Capital and Aircastle Advisor told the Airline Economics conference in Dublin this week. Lessors have been suing dozens of insurers over losses of at least $8b over the trapped planes, with vast court trials scheduled in Dublin in June and London in October. Some are also being heard in U.S. states. In separate litigation, groups of lessors are trying to prevent reinsurance cases worth more than $4b from being heard in Moscow, a court filing shows. Story features details of settlements reached to date between lessors and Russia.<br/>