Gazprom Goes Under German State Control

Germany will take over the German subsidiary of the Russian gas company Gazprom starting September 30.

In a press briefing on Monday, German Economy Minister Robert Habeck said the ministry has appointed the Federal Network Agency (Bundesnetzagentur) as a temporary trustee for Gazprom Germania. Bundesnetzagentur will have voting rights in Gazprom Germania and may dismiss or appoint members of the management.

Habeck said that the temporary takeover of the subsidiary will protect public safety and order and will maintain the security of the energy supply.

“The government is doing what is necessary to ensure the security of supply in Germany — this includes not exposing energy infrastructures in Germany to arbitrary decisions by the Kremlin,” Habeck said.

Gazprom announced on April 1 that it has withdrawn from Gazprom Germania. Russia’s state-owned company, however, did not announce any new and legal owners of the holdings.

Habeck said that Gazprom’s decision violated the notification requirement of the foreign trade and payments ordinance.

Habeck added that Gazprom Germania runs critical infrastructure in Germany

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.