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Nord Stream sues insurers in London over 2022 pipeline blasts
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Nord Stream sues insurers in London over 2022 pipeline blasts
Mar 12, 2024 8:36 AM

LONDON, March 12 (Reuters) - Nord Stream is seeking more

than 400 million euros ($436 million) from its insurers over

explosions in 2022 which ruptured pipelines designed to

transport Russian gas to Germany, court filings show.

Nord Stream AG names Lloyd's Insurance Company and Arch

Insurance (EU) DAC as defendants in its lawsuit, which

was filed at London's High Court last month.

Court filings state that Nord Stream's current preliminary

estimate of "the costs to dewater and stabilise the pipeline, to

undertake a full repair and to replace the lost gas inventory"

is between 1.2 billion and 1.35 billion euros.

Nord Stream's lawsuit also says one of the pipelines looked

"mangled and deformed" in one area where it had been damaged,

but "appeared smooth and to have been cut" in another.

Lloyd's declined to comment. Nord Stream and Arch did not

immediately respond to a request for comment.

The lawsuit focuses on the explosions in September 2022

which ruptured the Nord Stream 1 and Nord Stream 2 pipelines.

Sweden - which last month dropped its investigation - and

Germany have both found traces of explosives relating to the

incident, suggesting it was a deliberate act.

Russia and the West, at loggerheads over Moscow's invasion

of Ukraine, have pointed fingers at one another. Each has denied

any involvement and no one has taken responsibility.

Nord Stream in its lawsuit is suing all insurers subscribing

to its offshore operating all-risks policy as well as its excess

all-risks policy.

According to court documents, Nord Stream is suing Lloyd's

on its own behalf and as the representative of others

subscribing to policies issued by insurers including Munich Re,

which declined to comment.

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