High Court Victory for Lessors in Billion-Dollar Russian Jet Dispute
The UK High Court ruled in favor of aircraft lessors in a legal battle over jets retained in Russia since the Ukraine invasion. AerCap and others sued insurers in a $4.7 billion case. The court determined that planes were lost due to Russian export bans, allowing insurers to indemnify claimants.
London's High Court delivered a landmark ruling in favor of aircraft leasing companies embroiled in a multi-billion-dollar legal dispute over jets left in Russia following its invasion of Ukraine.
Leading lessor AerCap, joined by other firms, had launched lawsuits against several major insurers, including AIG and Lloyd's, marking one of the biggest insurance disputes in London's history. The lawsuit initially involved nearly 150 aircraft and engines, collectively valued at $4.7 billion, although settlements have since reduced this number.
In his ruling, Judge Christopher Butcher concluded that the aircraft were effectively 'lost' from March 10, 2022, following Russian legislation that banned their export. He noted that EU and U.S. sanctions did not prevent insurers from compensating the lessors for their losses.
(With inputs from agencies.)
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