Latest news with #SergeiAleksandrovski
Irish Examiner
2 days ago
- Business
- Irish Examiner
Irish aircraft leasing firm AerCap wins court insurance dispute over jets taken by Russia
London's High Court on Wednesday ruled in favour of Irish company AerCap, the world's biggest aircraft leasing firm, and several other aircraft lessors in a multi-billion-euro legal dispute over jets retained in Russia since the 2022 invasion of Ukraine. AerCap and several other firms had sued insurers including AIG, Lloyd's, Chubb, and Swiss Re in one of the biggest insurance disputes ever heard in London. The London lawsuit had focused on almost 150 jets and some engines, previously with a total value of up to $4.7bn (€4.1bn), though settlements – including on the first day of trial in October and subsequently – have whittled the numbers down. Judge Christopher Butcher said in a summary of his ruling that the aircraft were lost and "that loss occurred on 10 March 2022, when a piece of Russian legislation banned the export of aircraft and aircraft equipment from Russia". The judge added that insurers were not prevented by EU or US sanctions from indemnifying the claimants for the loss of aircraft which had been leased to Russian airlines. Last week, Russian flag carrier 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. "Only 36 aircraft remain, which are currently in the active phase of insurance settlement. Essentially, these are the last planes (needed to be settled) owned by fully fledged foreign lessors," Mr Aleksandrovski said. Aeroflot expects that the agreements on the 36 planes could be finalised by July. Reuters
Reuters
05-06-2025
- Business
- Reuters
Russia's Aeroflot to settle deals for last 36 planes leased from West
MOSCOW, June 5 (Reuters) - Russian flag carrier Aeroflot ( opens new tab 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. Aircraft leasing firms, such as AerCap (AER.N), opens new tab and BOC Aviation ( opens new tab have struck settlements with Russia totalling at least $2.7 billion for over a quarter of the roughly 400 aircraft stuck in the country since Moscow's invasion of Ukraine in 2022. "Only 36 aircraft remain, which are currently in the active phase of insurance settlement. Essentially, these are the last planes (needed to be settled) owned by fully fledged foreign lessors," he said in an interview published late on Thursday. Aeroflot expects that the agreements on the 36 planes could be finalised between May and July this year, Aleksandrovski added. As part of previous deals, international lessors have handed ownership of the planes to a Russian state insurance company, NSK, which used state budgetary funds to buy them and transfer them to Russian airlines. Aleksandrovski said government money would not be used for these 36 planes, but did not disclose the value of the deal. The settlement will be paid from Aeroflot's own and borrowed funds.
