The subsea fuse assembly includes an enclosure filled with a dielectric fluid and provided with an equalization opening, which is sealed with a flexible element. A first electric conductor extends into the enclosure through a first lead-through positioned in a wall of the enclosure. A second electric conductor is attached to an inner surface of a wall of the enclosure. A fuse is connected between the first electric conductor and the second electric conductor within the enclosure. A third electric conductor 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.