If you follow the Nord Stream II pipeline saga....this past week....another chapter was written of the German-Russian natural gas pipe.
If you didn't know....there was a insurance policy bought over it....via a London company.
Well...they started out....to decline the pay-out.
From a London court this week....it was decided....Nord Stream AG will not receive the approximately 580 million Euro it is claiming from its insurers.
Judgement....the destruction of the pipelines was a consequence of the war . Such damages are excluded from insurance coverage.
Ending? Well....the Gazprom-controlled company will be left to bear the repair costs.
Next step? If the war ends....within 6 months, I'd expect Gazprom to get a deal....where the German gov't pays something (certainly not 580 million Euro) to restart the pipe.....and the unit to be turned on within 12 months. My guess is that a invented 'tax' will occur, and German consumers end up paying the repair cost (entirely).
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