Nord Stream sues UK insurers over gas pipeline explosions

Nord Stream is reportedly in pursuit of more than €400 million from UK insurance companies, including Lloyd’s of London, for refusing to cover the 2022 explosions that ruptured pipelines designed to transport Russian gas to Germany.

The Switzerland-based firm has named Lloyd’s Insurance Company and Arch Insurance as defendants in its lawsuit, which was filed at London’s High Court in February.

As per 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.

The cause of the explosions that damaged the two pipelines has not been discovered, however, Russia and Western allies have both traded blame over the incident.

Denmark recently closed its investigation into the blasts, with authorities concluding they were an act of sabotage, though there were not enough grounds for a criminal case.

According to the Financial Times, Nord Stream’s preliminary estimate for the cost of removing water from the pipelines, stabilising them, carrying out repairs and replacing lost gas is 1.2 billion to 1.35 billion.

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