Dublin based BOC Aviation has settled its dispute with Aeroflot Group, transferring ownership of eight aircraft and one managed aircraft to Russian state insurance company NSK.
As part of the agreement, BOC Aviation has dropped its claims against Aeroflot, Pobeda, and Rossiya, the carriers under leasing agreements with the lessor.
BOC’s parent said in a statement to the Stock Exchange of Hong Kong that its subsidiary BOC Aviation (Ireland) had received a cash payment of around USD208m under an insurance settlement with NSK in respect of eight aircraft that were formerly leased to Pobeda.
Additional discussions are ongoing with other lessors regarding foreign-made aircraft detained in Russia due to international sanctions.
