Dublin-based aircraft leasing companies are seeking billions of euro in compensation for aircraft stuck in Russia
With the Ukraine war set to continue into 2025, Dublin-based aircraft leasing companies have taken a High Court case to secure compensation for aircraft lost after Russia ’s invasionAn Aeroflot aircraft taxis at Moscow’s international airport: the Dublin-based lessors who own the planes are now fighting their insurers in court over who should pay for the lost aircraft.
They are also in contact with the US and EU authorities about the type of deals they can do without falling foul of sanctions on doing business with Russia.EY Entrepreneur of the Year profiles: From treating hair loss in men to providing e-scooters across Europe, here are some of this year’s nominees
A young boy stands on a destroyed Russian military vehicle near Irpin, the Kyiv region, Ukraine, 22 June 2022. Photograph: Roman Pilipey/EPA-EFE“Before going in, the Russians were warned there would be heavy sanctions,” said a source connected to the Dublin case. “The Russians invaded on February 22nd, and on the 25th the sanctions, which are draconian, were introduced.”
In November the leasing companies lodged claims for compensation for the loss of the aircraft with their insurers, even though the planes, which had been leased to Russian airlines such as Aeroflot, S7 and Ural Airlines, were still in the possession of the airlines to which they had leased them. Some leasing companies have actually negotiated settlements funded by the Russian airlines’ Russian insurers, even though the Russian state perceives itself as being at war with the West and the Russian insurance company making the payments is state-owned.
Even in cases where settlements have been agreed with the Russian airlines and their Russian insurers, the payments are not equal to the full amount the leasing companies feel they are entitled to claim and so they are continuing to sue their western insurers and reinsurers for the difference. NSK is now transferring ownership of these aircraft to the Russian airlines, thereby securing what is, according to General Barrons, “a vital strategic issue for Russia”, domestic civil aviation.
His view on the current situation was equally grim, with the general at one stage describing the Ukrainian army as a “dad’s army”.
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