Nord Stream sues UK insurers for $448 million over pipeline damage

The legal action was taken against Lloyd's Insurance Company and Arch Insurance (EU) in a London court this past February. The explosion, the cause of which remains ambiguous, is alleged to have inflicted damages estimated between $1.34 and $1.51 billion, as stated in the court documents. Nord Stream is seeking $448 million to cover various costs, including water extraction, pipeline stabilization, necessary repairs, and replacement of the gas lost, as reported by Reuters. However, the reason why the insurers have refused payment has not been disclosed.

Danish authorities, including the police and the Danish Intelligence Service PET, concluded their investigation into the Nord Stream pipeline sabotage last month, pointing to an absence of legal basis to press charges in Denmark. Similarly, the Swedish prosecutor's office has ceased its inquiry as of early February. Meanwhile, investigations led by Germany and Poland continued independently, looking into the sabotage acts.