The plane rental company SMBC Aviation Capital and the Russian airline Aeroflot have reached an agreement on aircraft leased from the carrier.
According to a statement from SMBC Aviation Capital dated October 2, 2023, the Ireland-based company “received cash insurance settlement proceeds totaling approximately $710 million for its aircraft previously leased to Aeroflot ». SMBC Aviation Capital had filed claims against Aeroflot’s insurance and reinsurance policies relating to 16 planes and their associated engines, as well as an additional insurance settlement for an aircraft and its associated engines managed by the lessor.
SMBC Aviation Capital’s statement confirmed that the settlement with NSKa Russian insurance company, was carried out in full compliance with all “applicable laws, sanctions and regulations and has been approved by the United States Department of Commerce and the United States Department of the Treasury”.
SMBC Aviation Capital said it would actively pursue its litigation before the Irish courts under its own insurance policies, continuing its efforts to try to mitigate its losses relating to its aircraft previously leased to other Russian airlines.
Aeroflot issued its own statement in response to this development. “In accordance with the agreements reached, the lessors terminated their claims to the Russian parties both under insurance policies issued by Russian insurance companies and under lease agreements with PJSC Aeroflot,” the Russian airline said in a statement. The Russian company adds that “ownership of the aircraft was transferred to the insurance company LLC NSK, which paid the settlement amount.” “Aeroflot Group continues negotiations on the settlement of existing claims with other lessors of foreign-made aircraft. »
In September 2023, the lessor AerCap announced that it had received a cash settlement of $645 million For 17 planes and five engines leased to Aeroflot, including its subsidiary Rossiya Airlines. Planes leased to Russian airlines were stranded in the country after Moscow refused to release them following Western sanctions.