Reuters
(Reuters) â Nord Stream is seeking more than 400 million euros ($436 million) from its insurers over explosions in 2022Â which ruptured pipelines designed to transport Russian gas to Germany, court filings show.
Nord Stream AG names Lloydâs Insurance Company and Arch Insurance (EU) DACÂ as defendants in its lawsuit, which was filed at Londonâs High Court last month.
Switzerland-based Nord Stream confirmed in an email there is a contractual dispute in London commercial courts between itself and insurers of the pipeline system.
âHowever, we ask for understanding that we are not in a position to provide any detailed comments to the legal proceedings,â Nord Streamâs communications team said.
Court filings state that Nord Streamâs current preliminary estimate of âthe costs to dewater and stabilise the pipeline, to undertake a full repair and to replace the lost gas inventoryâ is between 1.2 billion and 1.35 billion euros.
Nord Streamâs lawsuit also says one of the pipelines looked âmangled and deformedâ in one area where it had been damaged, but âappeared smooth and to have been cutâ in another.
Lloydâs declined to comment. Arch did not immediately respond to a request for comment.
The lawsuit focuses on the explosions in September 2022 that ruptured the Nord Stream 1 and Nord Stream 2 pipelines. Sweden â which last month dropped its investigation â 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 Moscowâs invasion of Ukraine, have pointed fingers at one another. Each has denied any involvement, and no one has taken responsibility.
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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 Lloydâs on its own behalf and as the representative of others subscribing to policies issued by insurers including Munich Re, which declined to comment.
($1 = 0.9160 euros)
Reporting by Sam Tobin and Kirstin Ridley, additional reporting by Vera Eckert; Editing by Nia Williams
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