Germany temporarily took control of the subsidiary of Russian gas company Gazprom

The German State will take temporary control of the subsidiary of Russian giant Gazprom due to its “importance for the supply” of energy, announced Economy Minister Robert Habeck.

The federal agency that manages the energy networks will become until September 30 the administrator of Gazprom Germania, of which Gazprom was the sole owner.

In Germany, Gazprom's subsidiaries operate the main gas and fuel storage facilities. Gazprom Germania also owns several subsidiaries in the United Kingdom, Switzerland and the Czech Republic.

“The government is doing what is necessary to ensure security of supply in Germany, and this includes not exposing energy infrastructure to arbitrary Kremlin decisions,” Habeck said at a press conference.

” The voting rights of Gazprom Germania owners are transferred to the federal network agency, the Bundesnetzagentur, which “can make all the necessary decisions to ensure supply,” said the minister.

On Friday, the Russian giant announced that it had “ended its stake in Gazprom Germania and all its assets on March 31”, without detailing the new ownership structure.

However, Berlin said it had “knowledge” of an acquisition of the company by entities of “uncertain origin”, which should have been communicated to the government, as well as the intention to “liquidate” Gazprom Germania.

“Our goal will be to lead Gazprom Germania in the interests of Germany and Europe,” said Klaus Mueller, head of the Bundesnetzagentur, in a statement.

Gazprom did not give details or explanations about its decision to end its participation in Gazprom Germania and all its assets, which include subsidiaries in the United Kingdom, Switzerland and the Czech Republic.

The Russian firm has been in the crosshairs of European Union regulators for months on accusations that it was withholding gas that it could have released to reduce rising prices. Last week, EU antitrust authorities searched their offices in Germany.

Gazprom Germania is based in Berlin and has subsidiaries in Switzerland and the Czech Republic.

Its main business areas are the storage, trade and supply of gas as a fuel for road transport and navigation, with a network of service stations in Germany and the Czech Republic.

(with information from AFP and Reuters)

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