AerCap seeks $3.84 billion in compensation for planes seized in Russia
lessor Aercap a brought legal action in the High Court in London to claim compensation of 3,48 billion dollars of to his insurers because they did not recover 116 aircraft and 23 spare engines seized by Russia.
The world's largest aircraft leasing company, based in Dublin, said it had leased 135 planes to Russian airlines and recovered only 20 so far. In the wake of the Russian invasion of Ukraine, the Americans and Europeans adopted sanctions against Russia, including requiring aircraft leasing companies to cancel contracts and banning them from providing maintenance and spare parts for the devices in question.
AerCap obtained no recovery despite the insurance policies. The Irish lessor therefore decided to launch a legal battle with its insurers, particularly AIG and Lloyd's, to claim $3,48 billion (2 billion for the aircraft plus lost turnover). The procedure should set a precedent for other landlords in the same situation.
Russia has nationalized approximately 1 commercial aircraft, to understand that they were confiscated by the Russian authorities. Russian airlines continue to operate them under a new registration, serving domestic destinations and to allied or neutral countries.