Air Lease stated on Friday it had acquired about $64.9 million in money as a part of an insurance coverage declare settlement for 4 Airbus jets it had leased to a Russian provider, which had been blocked from leaving the nation after Moscow’s invasion of Ukraine.

The settlement quantity, acquired from the Russian insurance coverage agency NSK, covers three A320-200 and one A321-200 plane that had been leased to S7 Airways. It doesn’t embody the 5 A321-200neo plane beforehand leased to S7.

Earlier than the invasion of Ukraine final 12 months, Russia was a serious marketplace for plane lessors, which purchased jets from Boeing and Airbus and leased them to airways within the nation.

These plane are actually grounded in Russia, as Moscow has refused to launch the jets after lessors canceled lease agreements in compliance with Western sanctions.

Earlier this 12 months, Eire-based lessor SMBC Aviation Capital acquired a money insurance coverage settlement of $710 million for 16 jets and their engines stranded in Russia.

Air Lease is in ongoing settlement discussions for different plane it had beforehand leased to Russian airways.

(Reporting by Shivansh Tiwary in Bengaluru; Enhancing by Pooja Desai)

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