LONDON, June 11 (Reuters) - London's High Court on

Wednesday ruled in favour of aircraft leasing companies in a

multi-billion-dollar legal dispute over jets retained in Russia

since the 2022 invasion of Ukraine.

The world's largest aircraft lessor AerCap ( AER ) and

several other firms had sued insurers including AIG,

Lloyd's, Chubb and Swiss Re in one of the

biggest insurance disputes ever heard in London.

The lawsuit had focused on almost 150 jets and some engines,

previously with a total value of up to $4.7 billion, though

settlements - including on the first day of the trial in October

and subsequently - have whittled the numbers down.

Judge Christopher Butcher said in a summary of his

ruling that the aircraft were lost and "that loss occurred on 10

March 2022, when a piece of Russian legislation banned the

export of aircraft and aircraft equipment from Russia".

The judge added that the lessors can therefore recover from

their "war risks insurers", rather than under a broader all

risks clause, as the cause of the loss was "an act or order of

the Russian government".

Butcher also said insurers were not prevented by EU or

U.S. sanctions from indemnifying the claimants for the loss of

aircraft which had been leased to Russian airlines.

AerCap's ( AER ) law firm Herbert Smith Freehills Kramer said the

judgment secured $1.035 billion for AerCap ( AER ), "in addition to

substantial recoveries achieved in prior settlements".

AerCap ( AER ), Dubai Aerospace Enterprise (DAE), Merx Aviation,

KDAC Aviation Finance, Falcon and Genesis had led the claims

against a string of insurers in a trial which ended in February.

KDAC settled all its claims during the trial, Butcher

said in his ruling, while

AerCap ( AER )

,

DAE

and other lessors have periodically disclosed partial

settlements.