The London High Court rejected the compensation claim of Nord Stream AG - the operator of the Nord Stream gas pipeline system - after insurance companies refused to pay for damages arising from pipeline explosions, TASS reported on July 6.
Based on all the grounds mentioned, the court concluded that: (a) Damage to pipelines (including broken and dented positions) is direct or indirect consequence of war; and (b) these damages are excluded from the scope of insurance under the Exclusion Clause 2. i in insurance contracts," the ruling of the Supreme Court of London stated.
The lawsuit was filed by Nord Stream AG in February 2024 to sue insurance companies Lloyd's of London and Arch Insurance. The company operating the gas pipeline connecting Russia and Germany through the Baltic Sea requests insurance companies to compensate about 580 million euros.
On September 26, 2022, the explosions caused unprecedented damage to 3 lines of the Nord Stream and Nord Stream 2 pipelines, only 1 line of Nord Stream 2 remained intact. After the incident, Russian authorities opened an investigation, claiming that this was an act of international terrorism.
