Air Lease received $64.9M insurance settlement for aircraft in Russia

Air Lease disclosed Friday morning that it received cash insurance settlement proceeds of $64.9M in settlement of its insurance claims under JSC Siberia Airline’s insurance policies in respect of three A320-200 and one A321-200 aircraft in the company’s owned fleet on lease to S7 at the time of Russia’s invasion of Ukraine in February 2022. The insurance settlements and receipt of the settlement proceeds described were approved by the U.S. Department of Commerce and the U.S. Department of the Treasury and are consistent with other applicable sanctions regimes, the company said. Air Lease is in ongoing settlement discussions regarding aircraft previously leased to Russian airlines. “However, it is uncertain whether any of these discussions will result in any settlement or receipt of settlement proceeds and, if so, in what amount,” the company added.