Four aircraft that were stranded in Russia were settled by insurance for Air Lease.
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(Reuters) – As part of the insurance claim settlement for four Airbus jets it had leased to a Russian carrier—which was prevented from departing the nation following Moscow’s invasion of Ukraine—Air Lease announced on Friday that it had received approximately $64.9 million in cash.
The settlement amount covers three A320-200 and one A321-200 aircraft that were leased to S7 Airlines. It was obtained from the Russian insurance company NSK. The five A321-200neo aircraft that S7 had previously leased are not included in it.
Russia was a significant market for aircraft lessors, who purchased aircraft from Boeing and Airbus and leased them to airlines in the nation, prior to the invasion of Ukraine last year.
Due to Moscow’s refusal to release the planes after lessors terminated lease agreements in accordance with Western sanctions, these aircraft are currently grounded in Russia.
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A cash insurance settlement of $710 million was given to Ireland-based lessor SMBC Aviation Capital earlier this year for 16 aircraft and their engines that became stranded in Russia.
Settlement negotiations for additional aircraft that Air Lease had previously leased to Russian airlines are still underway.
(Editing by Pooja Desai; reporting by Shivansh Tiwari in Bengaluru)
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