Ilyushin Finance Co., the leasing company (IFK), which is part of United Aircraft Corporation, under the management of Rostec Group, has obtained a decision from the Moscow Arbitration Court that the Ukrainian state-owned Antonov company must pay $1.2 million to IFK under a contract for the delivery of 10 An-158 aircraft.
In 2012, IFK and Antonov signed a contract to deliver 10 aircraft. By the end of 2021, Antonov had delivered six aircraft, three with delays. The materials say that after the start of Russia’s military operation in Ukraine on February 24, 2022, prospects for future cooperation with Antonov State Enterprise seemed unlikely.
In 2023, Ilyushin Finance Co. informed ANTONOV about the cancellation of the contract and requested the return of $1,209,599.98 in unjustified enrichment. The contract between the two companies stipulated that any disputes should be resolved through the International Commercial Arbitration Court of the Chamber of Commerce and Industry in Kiev, Ukraine. However, in 2022, Russia added Ukraine to its list of “unfriendly” countries and imposed sanctions on Ilyushfin Finance Co., so Ukraine and the US imposed sanctions against it. The Arbitration Procedure Code of Russia allows for cases like this to be heard in Russian courts, which is what Ilyushnin Finance Co. did. By a decision of the Moscow Court, Ilyusрin’s claim was upheld, but it is unclear how $1.2 million will be collected from ANTONOV.
Ilyushin Finance Co. was founded in 1999 and is a part of the United Aircraft Corporation (PJSC UAC, managed by Rostec Group). The company’s main activity is the financial leasing and operational leasing of aircraft produced in Russia.
