Nord Stream has taken its €580 million claim to the London court, naming Russia, Ukraine and the United States as culprits behind the 2022 Baltic Sea blasts that tore through its gas pipelines. The case pits the company against insurers led by Lloyd’s of London, who argue that the sabotage falls under policy exclusions linked to war.

Insurers contend that the explosions were state‑backed acts of war, citing the attack's sophistication and geopolitical stakes. They argue that any sabotage ordered by Russia, Ukraine or the United States would trigger the war exclusion in their policies, absolving Lloyd’s and its partners from paying the damages to the European energy market in and beyond.

Nord Stream counters that the blasts were likely carried out by non‑state divers who hand‑placed explosives using magnets, arguing the damage was not part of the Russia‑Ukraine conflict. Engineers on both sides dispute repair costs, with insurers claiming the €580 million demand is inflated while the company insists a lower figure would suffice for the project.

The judge, Dame Clare Moulder, will weigh evidence over an expected five‑week trial, deciding whether the policy exclusions apply without needing to name the perpetrators. The outcome will shape insurance liability for massive infrastructure sabotage and signal how insurers interpret war clauses in high‑risk contracts, affecting capital markets and future project financing for the year.