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1 Apr, 2022 12:49

Germany mulls nationalizing Gazprom, Rosneft branches – reports

Russia says the idea of expropriation is unlawful and “unimaginable”
Germany mulls nationalizing Gazprom, Rosneft branches – reports

Germany is weighing the prospect of expropriating or nationalizing local subsidiaries of Russian energy majors Gazprom and Rosneft due to concerns over energy security amid anti-Russia sanctions and Moscow’s demand for gas payments in rubles.

This was reported on Thursday by German business daily Handelsblatt, which stated that discussions on the matter have been held between senior Economy Ministry officials and Chancellor Olaf Scholz.

Both companies are vital for the German energy market. Gazprom Germania operates a number of gas storage facilities and Rosneft Deutschland is among the key players on Germany’s petrol, diesel, and kerosene refinery markets.

Russia says the move would be illegal.

The nationalization in Germany of the subsidiaries of Gazprom and Rosneft would seriously violate international law… it will violate all imaginable and unimaginable laws,” Dmitry Peskov, the press secretary of Russian President Vladimir Putin, told reporters on Friday. He added that Moscow considers even raising this issue “unacceptable.”

Meanwhile, Gazprom announced on Friday that it is ending its participation in its Gazprom Germania subsidiary, and divesting of all its assets in the company.

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