Multibillion-euro court battle over stranded Russian jets begins in Dublin

Some of the world's largest aircraft lessors faced off against their insurers in a Dublin courtroom on Tuesday at the start of a months-long battle over around E2.5b of insurance claims related to jets stranded in Russia. Lessors are suing dozens of insurers around the world over losses of at least $8b after more than 400 planes were prevented from leaving Russia when Western sanctions over Moscow's war in Ukraine forced the termination of their leases. The world's second and third largest lessors, SMBC and Avolon, as well as BOC Aviation, CDB Aviation, Nordic Aviation Capital and Carlyle Aviation Partners, are pursuing their claims in Ireland, where more than 60% of the world's leased aircraft are owned or managed. Lloyd's of London, Chubb and Fidelis are among the insurers contesting the claims. Insurers are balking at payouts, with some alleging that there has not been a physical loss of the planes yet or that the planes are still in the course of being repossessed. Others have argued that lessors voluntarily ended leasing agreements or that Western sanctions prevent insurers from providing cover.<br/>