Middle Eastern lessor Dubai Aerospace Enterprise has become the latest to secure a settlement from Russian flag-carrier Aeroflot over claims on aircraft leased to the airline.
DAE puts the value of the settlement – covering seven aircraft and their engines – at $118 million.
As with previous settlements on aircraft retained by Russia in the wake of the Ukrainian conflict, the transaction was conducted with proceeds from Russian insurance firm NSK.
DAE says the transaction was carried out in “full compliance” with all applicable sanctions regimes.
“Each DAE-affiliated entity involved in the leases to Aeroflot has released its claims against NSK, Aeroflot and their international reinsurers,” it adds.
Cirium fleets data indicates a DAE leased aircraft including a batch of Airbus A320s to Aeroflot.
DAE says it is conducting discussions over insurance settlements of claims with respect to several other Russian airlines.
“It is uncertain whether any of these discussions will result in any insurance settlement or receipt of insurance settlement proceeds,” it states.
“DAE will continue to actively pursue its litigation in the English courts under its own insurance policies.”
It adds that it will continue efforts to mitigate losses with respect to aircraft previously leased to other Russian carriers.
