AerCap ends dispute with Aeroflot for $645 million

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The Irish aircraft rental company AerCap announced that it had concluded a $645 million deal with Aeroflot concerning 17 aircraft and five spare engines which were blocked when Russia invaded Ukraine last year.

On September 5, 2023, we received cash insurance benefits totaling approximately $645 million in full settlement of our claims under Aeroflot Group’s insurance policies relating to the 17 aircraft and the five spare engines“, said AerCap, the world’s largest aircraft lessor, in a stock market filing.

The agreement having been approved by the US Departments of Treasury and Commerce, AerCap therefore waived its claims against the Russian national airline Aeroflot and its low-cost subsidiary Rossiya and NSK. Furthermore, the aircraft lessor indicated that discussions were underway with several other Russian airlines with a view to a settlement: S7 Airlines, Ural Airlines and Smartavia still respectively hold 44 aircraft (worth 743 million dollars), 20 planes ($350 million) and 11 planes belonging to the Irish lessor.

John Walker Avatar