Avolon and BOC Aviation, two of the world’s largest aircraft lessors, have fully settled lawsuits in the Irish courts against insurers over jets stranded in Russia following Western sanctions in 2022, they said on Friday.
Lessors are suing dozens of insurers around the world over losses of at least $8 billion after more than 400 planes were stranded in Russia following the sanctions over Moscow’s war in Ukraine that forced the termination of their leases.
Smaller lessor Nordic Aviation Capital has also terminated proceedings against the insurers, a source involved in the case said.
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