Dubai Aerospace Enterprise Ltd. said Tuesday it has reached a $118 million 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 the Dubai, United Arab Emirates-based aircraft leasing company, a DAE statement said.
DAE continues to negotiate with several other Russian airlines but will also continue with litigation it brought in England against its own insurers, the statement said.
In October, the company sued 11 insurers to recover about $600 million for aircraft stranded in Russia. The company previously wrote off $576.5 million related to aircraft in Russia.
In September, Dublin-based Aercap Holdings NV announced it had reached a $645 million settlement with NSK over 17 aircraft it had leased to Aeroflot.
