Aeroflot said it expects to sign settlement deals with Western insurers and leasing firms on the last 36 planes from a total of 228 aircraft it agreed to buy, Aeroflot head Sergei Aleksandrovski told Russian newspaper Kommersant.
“In total, there are 36 aircraft left, which are now in the active phase of insurance settlement,” Aleksandrovski stated. “These are the last aircraft of full-fledged foreign lessors. All commercial terms of transactions have already been agreed.”
Following the Russian Invasion of Ukraine in February 2022, over 400 aircraft were stranded in Russia, forcing the termination of their leases. These sanctions forced aircraft leasing companies to cancel their contracts with Russian carriers by March 28, 2022, initially leaving an estimated $10bn worth of assets inaccessible.
Lessors such as AerCap and BOC Aviation have won settlements with Russia totalling at least $2.7bn for over a quarter of the over 400 aircraft stuck in the country.
The Russian flag-carrier expects agreements on these 36 aircraft to be fully finalised between May and July of this year.
Aleksandrovski told the Russian media outlet that he would not disclose the amount of the settlement deal, noting that the airline has not received additional state funding under this regulation, and that the settlement will be financed at the expense of Aeroflot’s own and borrowed funds.