AerCap has disclosed that its claims under Aeroflot group’s insurance policies in respect of the 17 aircraft and five spare engines on lease to Russian flag carrier but trapped in the country in February after the invasion of Ukraine has been settled in full.
The lessor confirmed that it has received cash insurance settlement proceeds amounted to approximately US$645 million in full settlement of the insurance claims. As a result, AerCap stated that it has “released our claims against NSK, Aeroflot, Rossiya and their international reinsurers with respect to these aircraft and engines”.
The securities filing confirms that the insurance settlements and receipt of the settlement proceeds were approved by the US Department of Commerce and the US Department of the Treasury and are consistent with other applicable sanctions regimes.