Dubai Aerospace Enterprise Secures Settlement Over Russia-Retained Jets

Dubai Aerospace Enterprise (DAE) reached a confidential settlement with insurer AXA over aircraft stranded in Russia since the 2022 Ukraine invasion. The London High Court trial, involving multiple lessors and insurers, is a crucial indicator for similar lawsuits regarding over $10 billion worth of planes stuck in Russia.

Dubai Aerospace Enterprise (DAE) has secured a confidential settlement with insurer AXA concerning jets retained in Russia following the 2022 invasion of Ukraine. This development came to light as the London High Court began a high-profile trial involving numerous funds and insurers.

Alistair Schaff, representing DAE, revealed that the settlement covers certain aspects of DAE's policy with AXA, leaving the remaining claims focused on 19 missing jets. AXA's commercial insurance arm, AXA XL, declined to comment on the matter.

Meanwhile, AerCap's lawyer, Mark Howard, argued that it is unrealistic to expect the return of the Western-owned jets and engines. This trial, representing one of the largest insurance disputes heard in London, is expected to conclude by the end of the year and is likely to set precedents for similar lawsuits in Ireland and the United States.

(With inputs from agencies.)