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Dubai aviation services company DAE has received cash proceeds of $201 million from insurers for aircraft leased to Russian Federation carriers impacted by Western sanctions.
The recent settlements bring cumulative cash proceeds received by the company to $319 million following an earlier settlement last year.
The Dubai-based company, which is fully owned by the Investment Corporation of Dubai (ICD) was one company impacted by sanctions on Russia imposed from February 2022 onwards following the Ukraine invasion.
Aircraft leased from non-Russian companies within the Federation have been grounded due to the inability of aircraft maintenance, repair and operations (MRO) companies to access parts.
It was reported last month that nearly 50% of Russia’s Airbus A320/A321 Neo fleet had been grounded due to difficulties accessing vital spare parts.
DAE said it is continuing to actively pursue litigation in English courts under insurance policies to mitigate losses in respect of aircraft leased to Russian airlines, which were previously reported to total $1 billion.
The company, which provides leasing and wider aviation services signed a $749 million five-year-loan with Emirates NBD earlier this year.
(Writing by Imogen Lillywhite; editing by Brinda Darasha)
