The leasing company BOC Aviation entered into an insurance agreement of $208 million with Russian airline Aeroflot in a deal that will see nine planes handed over to Russian state-owned insurance company NSK.
Aeroflot is permitted to retain additional aircraft with a lessor. It is nine planes from BOC Aviation. The two sides are currently negotiating over aircraft located abroad. Aeroflot announced that it had reached an agreement (insurance of 208 million dollars) with the leasing company BOC Aviation to hand over nine aircraft to the Russian state insurance company NSK. A statement from Aeroflot said NSK will settle claims made by BOC Aviation and that BOC Aviation will waive its legal claims regarding the aircraft. The airline did not provide further details and there was no immediate comment from the leasing company.
BOC Aviation, based in Singapore, has hired a lawsuit in Dublin in November 2022 to assert claims against 16 insurers for aircraft owned by the leasing company which were stuck in Russia, following Western sanctions after the invasion of Ukraine. This case comes from the Irish High Court. Eight of the planes were owned by BOC and one was managed by BOC.
The press release specifies that Aeroflot will continue its discussions with the operators of leasing to resolve claims regarding foreign-made aircraft. In fact, Aeroflot has already concluded a series of similar agreements. In September, AerCapthe world’s largest aircraft lessor, said it received $645 million from NSK in full settlement of claims related to 17 planes And five engines spare parts leased to Aeroflot and its subsidiary Rossiya.