War in Ukraine: EU Commission approves takeover of Gazprom subsidiary

The EU Commission has approved the nationalization of a German subsidiary of the Russian energy group Gazprom.

War in Ukraine: EU Commission approves takeover of Gazprom subsidiary

The EU Commission has approved the nationalization of a German subsidiary of the Russian energy group Gazprom. The Brussels authorities approved aid measures for Gazprom Germania amounting to 225.6 million euros. This means that the federal government can completely take over the company, which is now called Securing Energy for Europe (Sefe) and is under the trusteeship of the Federal Network Agency.

According to the Commission, the measure follows the rules of the Temporary Crisis Framework, according to which companies can receive help in the energy crisis if private money is not enough. Sefe suffered heavy casualties after Russia invaded Ukraine. With a 14 percent share of the German gas supply market and 28 percent of the gas storage capacity for Germany, the company is a systemically important energy company.

Federal Minister of Economics Robert Habeck appointed the network agency as a trustee in April. He justified this with unclear legal relationships and a violation of reporting regulations. The aim is to ensure security of supply. In mid-June, the federal government supported what was then Gazprom Germania and today's Sefe with billions via KfW to prevent bankruptcy.

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