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The European Commission has approved the nationalization of Gazprom Germania, a German subsidiary of Russia’s Gazprom. The regulator in Brussels on Saturday approved a 225.6 million euro subsidy for it. This will enable the German government to take full control of the company, which is now called Security Energy for Europe (Sefe) and is held in trust by the Federal Network Agency, DW reported.
The European Commission said the money was allocated in the framework of the crisis mechanism that allows companies suffering from the consequences of the energy crisis to receive subsidies in case of lack of private capital. Sefe – formerly Gazprom Germania – suffered major losses after the war in Ukraine This company, which accounts for 14 percent of the German gas supply market and 28 percent of Germany’s gas storage facilities, is systemically important.
The Russian state-owned monopoly concern Gazprom announced that it no longer owns Gazprom Germania. It gave the asset to a little-known company to get it out of the sanctions. In early April, the German authorities in turn appointed the Federal Network Agency (BNetzA) as trustee of the company to secure the country’s gas supply. In response, the Kremlin slapped sanctions on Gazprom’s former subsidiary forbidding it to do business with it. In mid-July, the federal government gave Sefe a multibillion-dollar bailout to prevent it from going bankrupt.
