Germany on Monday put a government agency in charge of a longtime German subsidiary of Russia’s state-owned energy giant Gazprom, the St. Louis-Post Dispatch reports. It’s hard to imagine how the West comes back from this.
As one of our readers, Greg said, how do investors trust the West after this?
They took charge of the company over the disagreement about accepting rubles as payment for gas.
German officials publicly stated on Thursday that they were considering taking over the company. The Kremlin responded on Friday saying that any such move would be a violation of international law.
Economy Minister Robert Habeck said Germany’s network regulator has been appointed as Gazprom Germania’s trustee until Sept. 30, with the right to dismiss and appoint managers.
“The German government is doing what is necessary to ensure security of supplies in Germany, and that includes not exposing energy infrastructure in Germany to arbitrary decisions by the Kremlin,” Habeck said.
He also said this is a temporary measure.
According to Habeck, Gazprom announced it was withdrawing from Gazprom Germania but didn’t give details on the new owners, which violates German rules on reporting acquisitions.
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He said the unit is “of paramount significance” to natural gas trade, transport and storage in Germany and also is active in Switzerland and the Czech Republic.
He said German law calls for his ministry to give permission for acquisitions of critical infrastructure by any non-European Union investor, but it’s unclear who is behind those companies. He also said the buyer ordered Gazprom Germania’s liquidation, which isn’t allowed before a purchase has been approved.
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