Aviation lessor settlements with Russia over trapped planes

Aircraft leasing firms have struck settlements with Russia totalling around $2.7b 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 handed ownership of the planes to state insurance company NSK, which transferred them to Russian airlines. Lessors have been suing dozens of insurers over losses of at least $8b over the trapped planes. Some of the world's largest aircraft lessors faced off against their insurers in a Dublin courtroom last week at the start of a months-long battle over around E2.5b of insurance claims related to the jets. A similar case is scheduled for London in October. Some cases are also due to be heard in U.S. states. Below are details of settlements reached between lessors and Russia. Ireland-based AerCap, the world's largest lessor, said in September 2023 it had received $645m from NSK in a settlement over 17 jets and five spare engines leased to state-controlled airline Aeroflot and its subsidiary Rossiya. In December 2023, the lessor reached a second settlement worth $572m over 47 aircraft and five spare engines leased to JSC Ural Airlines and JSC Siberia Airlines (S7).<br/>