AerCap settles insurance claim over part of its Russian fleet

AerCap has agreed to settle its insurance claim over seventeen airliners and five engines that are still in Russia. The lessor will receive $645 million for the assets, that were on lease to Aeroflot and Rossiya but which they refused to return after the start of the war in Ukraine in February 2022. 

“Effective upon receipt of these insurance settlement proceeds from Limited Liability Company “Insurance Company NSK” (“NSK”), a Russian insurance company, we have released our claims against NSK, Aeroflot, Rossiya and their international reinsurers with respect to these aircraft and engines,” AerCap says in a stock exchange filing on September 5.

AerCap says 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.”