Germany changed its mind about nationalizing Gazprom's subsidiary/Channel 24 collage
Germany opposed the complete nationalization of Gazprom Germania, a subsidiary of the Russian Gazprom. Chancellor Olaf Scholz doesn't seem to want to “piss off” Putin.
According to media reports, Scholz is really worried, they say, such a step could lead to an aggravation of relations between Russia and Germany on gas imports. Nevertheless, Minister of Economics Robert Habeck advocated the nationalization of the former subsidiary of Gazprom.
Germany will allocate 10 billion to save the enterprise
To save the financial position of Gazprom Germania, the German government seems to be going to allocate up to 10 billion euros. The loan, provided by the state bank KfW Group, should stabilize the finances of Gazprom Germania and ensure the security of gas supplies after Russia has limited them.
The government believes that with this approach they will maintain their influence on this part of the critical infrastructure and move away from threats to energy security.
Before this
- After Russia attacked Ukraine in February, Gazprom announced that it no longer owns the German Gazprom Germany. Her assets were transferred to a little-known company in order to avoid Western sanctions.
- At the end of March, the German federal government announced that it was thinking about nationalizing subsidiaries of Gazprom and Rosneft. It was noted that Russian gas and oil companies based in Germany could provoke massive power outages.
- In early April, the government took control of a subsidiary of Gazprom. It was noted that this is temporary – until September 30.
- Now the media write that the term “burns” will be extended after the end of September. At the same time, the company name Gazprom Germania GmbH will be changed to Securing Energy for Europe GmbH.
Note that the Gazprom Germania group owns the largest gas storage facility in Germany and has a global trading team with branches in London and Singapore. In addition, he is one of the leading gas and electricity traders in Europe.
Recall that Russia requires foreign companies to pay for the supplied gas in rubles. These terms were probably agreed to by companies from eight European countries. Among German – VNG, RWE, Uniper.
