SMBC proceeds from Russian jet insurance settlements hit €1.2bn

The world's third-largest aircraft lessor gave the update in its full year results to the end of March

SMBC recorded an impairment of $1.6bn (€1.4bn) in 2022 to cover the full financial impact of having 34 jets stuck in Russia after the sanctions forced the termination of all Russian leases.

Irish aircraft lessor SMBC Aviation Capital has booked a further $654m (€577.2m) in proceeds from insurance settlements over the past year related to jets stranded in Russia following Western sanctions, the Irish-headquartered company said on Thursday.

That brought SMBC's total recoveries from claims following the sanctions over Moscow's war in Ukraine to $1.41bn (€1.2bn). It was one of six lessors that ended an Irish lawsuit against their insurers last month following a series of settlements.