Air Lease gets $329M in insurance payout for jets stranded in Russia

(Reuters) — Aircraft lessor Air Lease Corp said Monday it has received $328.5 million in cash as part of certain insurance settlements related to its aircraft that were blocked from leaving Russia after that country’s invasion of Ukraine.

Before the invasion in early 2022, Russia was a key market for aircraft lessors, which purchased jets from Boeing and Airbus and leased them to the country’s airlines.

Lessors canceled these leases following Western sanctions, but Moscow refused to return the aircraft, effectively detaining them. Since then, lessors have been pursuing their insurers to recover losses on the stranded jets.

Air Lease said in a regulatory filing on Monday that it has recovered about $424.3 million from its initial $791 million claim to date.

The leasing company remains in settlement talks with other insurers.