Sanctions: Russia bans transactions with former Gazprom subsidiaries abroad

Business punishments

Russia bans transactions with former Gazprom subsidiaries abroad

The headquarters of Gazprom Germania in Berlin. The headquarters of Gazprom Germania in Berlin.

Gazprom Germania has been under German state control since early April

Credit: Paul Zinken/dpa

On behalf of Vladimir Putin, Moscow prohibits Russian transactions with former Gazprom subsidiaries – including Gazprom Germania. The Ministry of the Economy emphasizes that security of supply is guaranteed.

RRussia imposed sanctions on Gazprom Germania and other former subsidiaries of its state-owned gas company. With a total of 31 listed companies, no more business should be done on the Russian side, he said. The Russian government issued an order on Wednesday that trade bans take effect on behalf of Kremlin leader Vladimir Putin. Gazprom Germania was placed under German state control in early April.

The Federal Government underlined in Berlin that security of supply is currently guaranteed. A spokeswoman for the Federal Ministry for Economic Affairs and Climate Protection said in Berlin: “We are evaluating these announcements. We do not have any details yet.”

The federal government and the Federal Network Agency, as administrator of Gazprom Germania, are already preparing for various scenarios. “The gas crisis team is closely monitoring the current situation. The security of supply is currently guaranteed and is constantly monitored,” the spokeswoman said.

Gazprom Germania owns other important companies in the German gas industry. These include gas trader Wingas, which provides utilities among other things, and gas storage operator Astora. They are also affected by Russian sanctions.

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A transit point for Russian gas in Ukraine

Affected companies in Germany, other EU countries, the United States and Britain were subject to Western sanctions during Russia’s war of aggression against Ukraine. Operators of gas storage facilities and the owner of the Polish part of the Yamal gas pipeline, which connects Russia to Europe, are particularly affected by Russian counter-sanctions. Russia had previously stopped supplying gas to Poland.

At the beginning of April, Federal Economics Minister Robert Habeck (Greens) temporarily appointed the Federal Network Agency as trustee of the German subsidiary of the Russian state-owned company Gazprom. Habeck justified this by unclear legal relationships and violation of reporting rules. The objective is to ensure security of supply. Gazprom is still Germany’s largest gas supplier.

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