Air Lease gets $329 million in insurance payout for jets stranded in Russia

Aircraft lessor Air Lease Corp said on Monday it has received $328.5 million in cash, as part of certain insurance settlements related to its aircraft which were blocked from leaving Russia after the country's invasion of Ukraine.

Before the invasion in early 2022, Russia was a key market for aircraft lessors, who purchased jets from Boeing and Airbus and leased them to the country's airlines.

Lessors canceled these leases following Western sanctions, but Moscow refused to return the aircraft, effectively detaining them. Since then, lessors have been pursuing their insurers to recover losses on the stranded jets.

Air Lease said in a regulatory filing on Monday that it has recovered about $424.3 million from its initial $791.0 million claim to date.

The leasing firm remains in settlement talks with other insurers.