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Germany supports nationalization of Gazprom's property

Germany supported the nationalization of Gazprom Germania.

Germany supported the nationalization of Gazprom Germania.

Fabian Huneke, a gas market expert from the consulting Energy Brainpool, spoke in favor of the nationalization of Gazprom’s former subsidiary, Gazprom Germania GmbH, and its subsidiaries, including Wingas.

He explained that such a step should be taken in response to Russian sanctions against Western companies, Der Tagesspiegel reports.

He also added that after halting gas supplies from the Russian Federation, the trading companies of Gazprom Germania were under the threat of insolvency. Therefore, in his opinion, state guarantees and nationalization are needed — this is "the best way to increase the security of the market."

On the evening of May 12, the German parliament approved a new version of the law on energy security amid conflicts with supplies from the Russian Federation. The law is due to enter into force in June 2022 in agreement with the Federal Council.

The draft law was supported by the ruling coalition of the SPD, the FDP, and the Greens. The Left (Linke) also voted for the bill, but the AfD rejected it. The CDU/CSU abstained.

Earlier, Vice-Chancellor — Minister for Economic Affairs and Climate Action of Germany Robert Habeck raised the issue of Gazprom Germania’s financial guarantees, but did not mention nationalization.

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