Ukraine war: Germany seizes control of Gazprom unit to secure gas supply
- The move was to stave off possible acquisition of Gazprom Germania by Russian entities, with energy ties between the countries in crisis over Moscow’s invasion
- Berlin has rejected an EU embargo on Russian gas, saying the imports cannot be substituted in the short term
Gazprom Germania, an energy trading, storage and transmission business ditched by Russia’s Gazprom on Friday, will be transferred to Germany’s regulator to ensure energy security, Economy Minister Robert Habeck said on Monday.
All voting rights in the company will be moved to the regulator, the Bundesnetzagentur, Habeck told a news conference. The move was immediately put into effect by publication in the Federal Gazette.
“The order of the trust administration serves to protect public security and order and to maintain the security of supply,” Habeck said.
“This step is mandatory.”
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Habeck added that security of supply was currently guaranteed at a time of crisis in energy ties between Germany and Russia in the wake of Russia’s February 24 invasion of Ukraine.