Aircraft firms settle with Russian insurer over stranded jets

Leasing firm Dubai Aerospace Enterprise (DAE) has reached a $118m settlement with Aeroflot’s insurer over seven aircraft it had leased to the Russian airline that were stranded after Russia invaded Ukraine last year.

The settlement with insurance company NSK releases the insurer and Aeroflot from claims from DAE.

DAE continues to negotiate with several other airlines but will carry on with litigation it brought in the UK against its own insurers, the company said in a statement.

The company sued 11 insurers in October to recover about $600m for aircraft stranded in Russia. The company previously wrote off $576.5m related to aircraft in Russia.

In September, Dublin-based Aercap Holdings NV announced it had reached a $645m settlement with NSK over 17 aircraft it had leased to Aeroflot.

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