AirBridgeCargo, Russia’s largest cargo airline, must pay 406.2 million dollars to BOC Aviation. This was ordered by an American judge after being declared in default on leases for three Boeing 747-8F, Reuters reported.
See also: Russia: AirBridgeCargo resumes operations, but replaces its Boeing aircraft with the Ilyushin Il-96
Conflicts between Russian airlines and lessors
Since the Russian military invasion of Ukrainian territory and the beginning of the war, various leasing companies have sued insurers and lessors for the impossibility of withdrawing their aircraft from Russia. Sanctions imposed against Russian carriers and their foreign assets were a particular incentive.
According to BOC Aviation, AirBridgeCargo went into default after being unable to maintain required reinsurance coverage. In his ruling, U.S. District Judge Lewis Liman said the lessor proved that the Russian government had seized its aircraft and engines by preventing them from being used outside Russia.
So far, BOC Aviation has managed to recover one of the Boeing 747-8Fs, registered as VQ-BFE. The other two aircraft, registered VQ-BFU and VP-BIN, are still in Russia.
For the first time, AirBridgeCargo to operate Russian aircraft
The airline, based at Moscow-Sheremetyevo International Airport (SVO), will soon resume operations, which have been halted since 2022 as a result of the closure of international markets for Russian operators and difficulties related to its fleet of entirely US-made aircraft.
AirBridgeCargo will use, for the first time, a four-engine Ilyushin Il-96. The aircraft was developed during the last years of the Soviet Union and was introduced into commercial service shortly after its dissolution.
Until the outbreak of the conflict, AirBridgeCargo accounted for more than 40% of the air cargo market in Russia. Its fleet consisted of Boeing 747-400F, 747-8F and 777F aircraft. For this reason, the sanctions particularly affected its business.
The impact of sanctions
Following the military invasion of Ukraine in February 2022, both the European Union and the United States imposed heavy sanctions on the Russian aviation industry. The measures impact on domestic companies’ services to other countries, as well as on the addition of new aircraft and the marketing of spare parts.
