Avolon and Boc Aviation, two of the world’s largest aircraft lessors, have resolved demands in Irish courts against insurers on planes stranded in Russia after Western sanctions in 2022, they said on Friday.

A SMBC Aviation Capital spokesman also said that he had reached the agreements with Swiss Re and Scor Europe, two of the 18 insurers that he is demanding as part of a group of six measures of the Irish Superior Court of Six Leasers who continued on Friday.

The landlords are demanding dozens of insurers worldwide for losses of at least $ 8 billion after more than 400 planes were stranded in Russia after the sanctions on the Moscow War in Ukraine that forced the termination of their leases .

Avolon and Boc said they had discontinued their procedures in Ireland after reaching commercial resolutions with their insurers.

Both the companies and the SMBC, the third largest aircraft lessor in the world, refused to reveal details of the agreements for commercial and confidentiality reasons.

The CDB Aviation, Nordic Aviation Capital and Hermes Aircraft spokesmen, the other three leases pursued in Ireland, did not immediately respond to a request for comments.

Boc, based in Singapore, said he would continue to pursue a separate claim against insurers in the Superior Court of London, where another judgment of a group of landlords began last year.

The trial of the Superior Court of Ireland, which began last June, refers to around 2.5 billion euros ($ 2.6 billion) of insurance claims.

Avolon, based in Dublin, the second largest airplane lease company in the world behind Aercap Aer.Nregistered a deterioration of $ 304 million in 2022 to cover the full financial impact of having 10 of its fleet of more than 1,000 stuck in Russia. Boc took a reduction of $ 804 million in the same year in relation to 17 aircraft.

The Irish action of Avolon and Boc went against more than a dozen insurers, including Lloyd’s of London, Chubb CB.BN and Fidelis.

Since he launched the demands, some of which will also be heard in the United States, the landlords have revealed agreements with Russia for a total of more than $ 2.5 billion for more than 100 planes, with the property transferred to the Russian airlines.

The trial in Ireland, where more than 60% of the world’s leased planes are property or administered, is ever heard in the country by the number of lawyers.

($ 1 = 0.9622 euros)

(Padraic Halpin reports; additional reports by Conor Humphries; Mark Potter edition)

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