Plane lessor Air Lease Corp. mentioned on Monday it has acquired $328.5 million in money, as a part of sure insurance coverage settlements associated to its plane which had been blocked from leaving Russia after the nation’s invasion of Ukraine.
Earlier than the invasion in early 2022, Russia was a key marketplace for plane lessors, who bought jets from Boeing and Airbus and leased them to the nation’s airways.
Lessors canceled these leases following Western sanctions, however Moscow refused to return the plane, successfully detaining them. Since then, lessors have been pursuing their insurers to get better losses on the stranded jets.
Air Lease mentioned in a regulatory submitting on Monday that it has recovered about $424.3 million from its preliminary $791.0 million declare so far.
The leasing agency stays in settlement talks with different insurers.
(Reporting by Anshuman Tripathy in Bengaluru; modifying by Shailesh Kuber)
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