Avolon and BOC Aviation have announced the complete settlement of their lawsuits in the Irish courts against insurers regarding over 400 aircraft stranded in Russia due to Western sanctions following the 2022 conflict in Ukraine.
The lawsuits involved claims exceeding $8 billion, with Dublin’s high-profile cases considered the largest ever in Ireland, engaging numerous lawyers.
Avolon reported a $304 million impairment and BOC an $804 million write-down in 2022 related to aircraft stranded in Russia as a result of these sanctions.
While Avolon and BOC have discontinued their proceedings in Ireland, the Singapore-based BOC will continue pursuing a separate claim in London, and other lessors have reached various agreements with insurers involved in the same dispute.
Since launching the lawsuits, some of which are also due to be heard in the US, lessors have disclosed settlements with Russia totallling more than $2.5 billion for more than 100 jets, with ownership transferred to Russian airlines.
