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May 12, 2022

Russia imposes sanctions on Gazprom’s European subsidiaries in retaliation

The sanction-hit subsidiaries of Gazprom Germania are based in countries that enforced ban on Russia.

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Russia has imposed sanctions on units of Gazprom Germania, the former Germany-based unit of Russian gas producer Gazprom, as well as on Poland’s EuRoPol GAZ, reported Interfax.

Gazprom Germania subsidiaries that have been hit with sanctions by the Russian Government are in Switzerland, Hungary, Britain, France, Bulgaria, the Benelux region, the US, Switzerland, Romania, and Singapore.

These entities are based in countries that have imposed sanctions on Russia in response to its military action against Ukraine.

In response to Russia’s latest move, the German Government said it is assessing Russia’s announcement.

Germany’s Economy Ministry spokesperson was quoted by Reuters as saying in a statement: “The German Government and Federal Network Agency, as trustees of Gazprom Germania, are already in the process of taking the necessary precautions and preparing for various scenarios.”

German Minister for Economic Affairs and Climate Protection Robert Habeckon said: “The crisis team analyzes and evaluates the supply situation so that – if necessary – further measures can be taken to increase the security of supply.

“The federal government is doing everything it can to continue to ensure security of supply in Germany.”

Last month, Russia’s Gazprom abandoned its ownership stake in Gazprom Germania without disclosing reasons. This forced Germany’s energy network regulator to take over the control of the firm’s operations.

According to the decree announced by Russian President Vladimir Putin earlier this month, Russian entities are banned to make deals with sanctions-hit companies and are also barred from fulfilling their obligations under existing deals.

EuRoPol Gaz owns the 684km-long Polish part of the 4,000km-long Yamal-Europe gas pipeline, which transports natural gas from the Yamal peninsula to European consumers.

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