AerCap has received approximately €112 million ($130.3 million) in insurance settlement proceeds tied to eight aircraft previously leased to Russian carriers AirBridgeCargo Airlines and Atran as of February 2022.
The settlement, paid by Russian insurer Insurance Company NSK, resolves AerCap’s insurance claims under the respective policies for the aircraft. In return, AerCap has released all claims against NSK and the Russian airlines' international reinsurers.
In June, a court found that AerCap is entitled to recover a claim of over $1bn from insurers, after it “lost” aircraft in Russia following the country’s invasion of Ukraine. The ruling, made in London at the UK High Court also includes several additional lessors who were also were unable to retrieve aircraft from Russia, some three years after the invasion.
The insurance settlement, which was approved by the US Department of Commerce and the US Department of the Treasury, complies with current international sanctions regimes, the company said.
The latest proceeds bring AerCap’s total recoveries related to the Ukraine conflict to around $2.6bn, following the loss of dozens of aircraft stranded in Russia after the country’s invasion of Ukraine in early 2022.
AerCap noted that negotiations are ongoing regarding additional insurance claims related to other Russian airlines but warned that the outcome remains uncertain.
“In particular, it remains uncertain whether the necessary approvals and funding to complete any such further insurance settlements can be obtained,” the lessor said.
AerCap, the world’s largest aircraft lessor, has previously said it had 135 aircraft and 14 engines stranded in Russia at the time of the invasion, with a total insured value of around $3.5bn.