Russia’s Gazprom exits German business amid row over pricing -Breaking
[ad_1]
© Reuters. FILE PHOTO – A model of a petrol pump can be seen at the Gazprom logo, in this illustration from March 25, 2022. REUTERS/Dado Ruvic/Illustration(Reuters) – Gazprom, Russia’s energy giant said Friday that it would be closing its German business. This was in the midst of a dispute between Germany and Russia over Moscow insisting on changing payments for Russian gas from euros to roubles.
The impact of the Russian move on the gas supply to Germany, which is dependent for around 40% of its energy needs, was unclear.
The company said it had terminated its participation in Gazprom Germania GMBH and all of its assets, including Gazprom Marketing & Trading Ltd. It did not give any explanations or further details.
Handelsblatt, a German newspaper for business, reported Thursday that Germany’s economy ministry had considered expropriating Gazprom/Rosneft units within the country due to concerns over energy security.
On Friday, the Kremlin stated that such a move would be against international law.
Gazprom Germania has its headquarters in Berlin. Gazprom export, Gazprom’s sole shareholder, owns all of Gazprom.
There are several subsidiaries within the German entity, including ones in Switzerland or the Czech Republic.
It lists its core business as the storage, trading and supply of fuel as a fuel to road transport, shipping and has a network filling stations throughout Germany and Czech Republic.
Russian President Vladimir Putin issued a decree Thursday imposing rouble prices for gas to buyers who are from countries Moscow regards as unfriendly. Germany opposes this change and said that its economy minister would not be “blackmailed” by Putin.
Fusion MediaFusion Media and anyone associated with it will not assume any responsibility for losses or damages arising from the use of this information. This includes data including charts and buy/sell signal signals. Trading the financial markets is one of most risky investment options. Please make sure you are fully aware about the costs and risks involved.
[ad_2]
