Two more Russian carriers have settled with lessor AerCap, as well as other lessors, regarding aircraft which were retained by the operators in response to sanctions over the Ukrainian conflict.
S7 Airlines has reached an agreement AerCap in respect of 29 aircraft and four spare engines, while a deal with Ural Airlines covers 18 aircraft and a single spare engine.
AerCap says it has received “full settlement” of its claims through cash insurance proceeds amounting to some $572 million.
The aircraft involved had been on lease to S7 and Ural in February 2022, when the Ukrainian conflict began.
AerCap has not identified the aircraft types but S7 primarily uses Airbus A320-family and Embraer 170 jets from the lessor, while Ural has an all-Airbus single-aisle fleet.
Ural Airlines confirms it has “completed” the settlement process for the Airbus jets with AerCap.
The lessor says it has “released” its claims against Russian insurance firm NSK, the airlines, and their international reinsurers.
All the settlements complied with sanctions regimes, it adds.
AerCap states that it still has a separate claim against all-risks insurers relating to the 47 aircraft and five engines, amounting to $836 million.
“This claim will be amended in due course to reflect these recoveries,” it says.
Settlement talks are still underway regarding other claims under S7 insurance policies, as well as those of other Russian carriers.
“It is uncertain whether any of these discussions will result in any insurance settlement or receipt of insurance settlement proceeds and, if so, in what amount,” says AerCap.
S7 says it has also settled with other lessors, including Air Lease and SMBC Aviation Capital, adding that the total number of aircraft involved is 45 – nearly half its fleet.
