Germany to nationalise Russian Gazprom’s assets to secure its energy needs

Germany has declared on Monday that it will nationalise a former subsidiary of the Russian energy giant Gazprom, which is known by SEFE, in a move to secure its energy needs as it breaks away from Russian reliance.

The German Federal Ministry for Economic Affairs and Climate Action revealed that the government will acquire 100 percent of SEFE’s shares.

The Ministry will boost loans directed to the company from the German Development Bank (KFW) to €13.8 billion from €11.8 billion.

Last April, Berlin has placed the company under its tutelage following the Russian invasion of Ukraine, and Moscow’s decision to limit energy supplies to Europe. The company has been subjected to the German Federal Agency for Networks since then.

Following Germany’s footsteps, Poland has decided to take over Gazprom’s 48 percent shareholding in Europol Gaz that owns the Polish segment of the Yamal gas pipeline.

“The compulsory administration will ensure the security of the critical infrastructure used for gas transit”, Polish Development Minister Waldemar Buda said in an emailed statement.

In the same regard, Poland imposed sanctions on Gazprom last April, in a move to increase pressure on Moscow over its invasion of Ukraine.