AerCap can reclaim over $1bn relating to aircraft immobilised in Russia since the onset of the Ukraine invasion, according to London’s High Court ruling today.
The trial, one of the largest insurance disputes in London, concluded in February and primarily involved around 150 jets and some engines valued at approximately $4.7bn.
Judge Christopher Butcher noted that the loss occurred on 10 March 2022 due to Russian legislation prohibiting the export of aircraft and equipment from Russia.
The judgment allows lessors to recover from “war risks insurers” rather than through an all risks clause, as the loss resulted from an “act or order of the Russian government.”
AerCap’s legal firm, Herbert Smith Freehills Kramer, shared that the ruling secured $1.035 billion for the company, in addition to other settlements, despite it being less than the approximate $2 billion initially sought.
