A Dubai lessor received 282 million dollars for the aircraft lost in Russia
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Dubai Aerospace Enterprise (DAE) announced it has received approximately $282 million in additional cash proceeds from settlements reached with a select group of insurance and surety companies.
These funds relate to claims filed by DAE concerning aircraft it had leased to airlines in the Russian Federation. With this latest amount, DAE’s total recovery through various settlement agreements—including those announced in 2023 and 2024—now stands at $601 million.
As part of the recent agreements, DAE and its relevant affiliates withdrew their claims against the specific insurers and reinsurers involved in the settlements.
The dispute stems from international sanctions imposed on Russia following its 2022 invasion of Ukraine. These sanctions required lessors like DAE to terminate lease contracts with Russian airlines. However, Russia blocked the recovery of foreign-owned aircraft operating within its borders, prompting lessors to pursue claims against their insurers. The disagreements over these claims have led to high-stakes litigation.
London Calling: The main trial is far from over
Despite this compensation, DAE noted that the broader dispute is far from resolved. The company stated it will “continue to actively pursue litigation in the English courts under its own insurance policies,” indicating that claims against other groups of insurers remain ongoing. English courts are a common venue for resolving international insurance disputes of this nature.
DAE also said it would “continue efforts to mitigate its losses” related to the aircraft it has been unable to repossess.
The $601 million recovered to date represents only a fraction of the total value DAE aims to reclaim through ongoing proceedings. The aircraft leasing industry at large is still managing the financial fallout from these Russia-related events.
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