Nord Stream is looking for greater than 400 million euros ($436 million) from its insurers over explosions in 2022 which ruptured pipelines designed to move Russian gasoline to Germany, court docket filings present.
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 final month.
Switzerland-based Nord Stream confirmed in an e mail there’s a contractual dispute in London industrial courts between itself and insurers of the pipeline system.
“However, we ask for understanding that we are not in a position to provide any detailed comments to the legal proceedings,” Nord Stream’s communications workforce mentioned.
Court filings state that Nord Stream’s present 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 additionally says one of many pipelines seemed “mangled and deformed” in a single space the place it had been broken, however “appeared smooth and to have been cut” in one other.
Lloyd’s declined to remark. Arch didn’t instantly reply to a request for remark.
The lawsuit focuses on the explosions in September 2022 that ruptured the Nord Stream 1 and Nord Stream 2 pipelines. Sweden – which final month dropped its investigation – and Germany have each discovered traces of explosives referring 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 each other. Each has denied any involvement, and nobody has taken accountability.
Nord Stream in its lawsuit is suing all insurers subscribing to its offshore working all-risks coverage in addition to its extra all-risks coverage.
According to court docket paperwork, Nord Stream is suing Lloyd’s by itself behalf and because the consultant of others subscribing to insurance policies issued by insurers together with Munich Re, which declined to remark.
(Reuters – Reporting by Sam Tobin and Kirstin Ridley, further reporting by Vera Eckert; Editing by Nia Williams)
