The subsea fuse assembly comprises an enclosure (11) filled with a dielectric fluid (80) and provided with an equalization opening (22, 32), which is sealed with a flexible element (40). A first electric conductor (61) extends into the enclosure through a first lead-through (70) positioned in a wall (15) of the enclosure. A second electric conductor (62) is attached to an inner surface of a wall (14) of the enclosure. A fuse (50) is connected between the first electric conductor and the second electric conductor within the enclosure. A third electric conductor (63) extends outside the enclosure and is attached to an outer surface of a wall of the enclosure. An electrically conductive path is thus provided between the second electric conductor and the third electric conductor through the electrically conductive enclosure.