Germany's Gazprom move offers only temporary respite

Berlin acts to prevent Gazprom Germania ownership from transferring to shadowy Russian firms

Germany’s Federal Ministry for Economic Affairs and Climate Action (BMWK) has temporarily appointed the country’s energy regulator, the Bundesnetzagentur (Bnetza), as fiduciary to act on behalf of Gazprom Germania, the subsidiary of Russia’s Gazprom that controls the company’s European gas trading, storage, pipeline and wholesale and retail sales arms, as well as its global LNG and oil trading and shipping businesses. The BMWK cites its operation of “critical infrastructure in Germany” and resultant “outstanding importance” in the country’s gas supply as justification for the move. The ministry is also concerned by “unclear legal relationships” and “violation” of legal reporting obligations,