Commenting on the Russian decree of 11 May 2022 on sanctions against 31 (primarily) European companies and subsidiaries of the gas company Gazprom Germania, Federal Minister for Economic Affairs and Climate Action said today:
"We are watching the current situation with the highest attention. The affected volumes at Gazprom Germania amount to around 10 million cubic metres per day. This corresponds to around three per cent of Germany's total annual consumption. These quantities can be procured elsewhere in the market, and we urgently need to buy these quotas from other suppliers. The Federal Government will do everything it can to stabilise Gazprom Germania."
Minister Habeck stressed that the current situation is manageable but that it may become more severe.
He added: “Once more, it shows that Russia uses energy as a weapon. We have prepared for this situation and other possible scenarios. Our revision of the Energy Security Act is already paying off and the amended Act has entered the parliamentary process." This law contains the necessary instruments for Germany to be able to take comprehensive action if the situation should worsen.
Minister Habeck made it clear that the top priority is to fill gas storage facilities for the winter. He added that the Federal Government is currently working at full speed to expand import capacities, including options for imports of liquefied gas, so that Germany can get through the winter even if supplies from Russia are interrupted. He said: “What is key, however, is lowering the consumption of gas. Industry, companies and consumers should take another look at where they might reduce their consumption of gas even further. I know that many are doing this already because of the high energy prices but saving energy, saving energy, saving energy is the order of the day."
Background to the above:
Gazprom Germania and its subsidiaries operate gas storage facilities and gas trading in Germany and are co-owners of gas pipelines. The company had been placed under trusteeship by the Federal Network Agency on 4 April after it was sold to “opaque” owners by its Russian parent company without the prior approval required from the Federal Ministry for Economic Affairs and Climate Action and was then ordered to be liquidated. To ensure security of supply, the Federal Ministry for Economic Affairs and Climate Action intervened and handed the entity over to the Federal Network Agency as a trustee.