Germany goes on the counterattack.The German government agency that oversees the power grids (Bundesnetzagentur) has provisionally assumed control of Gazprom's German subsidiary.
There is no exposure of infrastructure to arbitrary decisions by the Kremlin
"The government is doing what is necessary to ensure security of supply in Germany, and this includes not exposing energy infrastructure to arbitrary decisions by the Kremlin," Economy Minister Robert Habeck told a news conference. "The voting rights of the owners of Gazprom Germany are transferred to the federal network agency, the Bundesnetzagentur, which "can take all the necessary decisions to guarantee supply," the minister stressed.
The subsidiary of the Russian state giant is strategic since it is responsible for the storage of large quantities of gas and fuel in Germany. The takeover will last until September 30. The Berlin government has come to make this drastic decision after Moscow on Friday declared its intention to divest itself of Gazprom Germany. Faced with uncertainty about who would be the new owners, the German state has decided to intervene to ensure that there are no supply problems. 55% of the gas consumed by the country comes from Russia.
Conseil d'Analyse Economique
A study claims that without Russia's gas Germany could lose up to 3% of its GDP
The nationalization of Gazprom Germany comes at a time of intense controversy, as European partners debate the possibility of applying an embargo on oil and gas from Russia. A study published Monday by the Conseil d'Analyse Economique, the body that advises France, estimates that a blockade of Russian gas would have a variable impact on Germany, ranging between 0.3 and 3% of GDP. According to its authors, it would be something "assumable". But the Berlin government is currently resisting a heavy hand because it wants to reduce the cost to its economy.
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