RUSSIA Sues Over Nord Stream Bombings After Insurers Refuse to Pay Out on Damages Claim
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The Russian-owned company Nordstream AG has launched a lawsuit against its insurers, Lloyd’s of London and Arch Insurance, for not paying out on a claim related to the damage caused by explosions to the Nordstream pipelines in September 2022. The pipelines, which ran from Russia to Germany, were shut down after the explosions, which ruptured the pipes and released massive amounts of methane into the atmosphere. The investigation into the cause of the explosions is ongoing, with several theories, including Russian sabotage and Ukrainian involvement. Nordstream AG has filed a lawsuit in London’s high court, seeking over $436 million in damages. The company claims that the pipelines sustained significant damage, and it will take at least 1.2-1.35 billion euros to repair and replace the lost gas inventory. The lawsuit is a significant development in the ongoing dispute between Russia and Western countries over the pipelines, and its outcome may have far-reaching consequences for international energy policy and trade.
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