The German Ministry of Economics is considering expropriating the Russian companies Gazprom and Rosneft's facilities in Germany. This is due to concerns about the country's energy security. This is reported by the newspaper Handelsblatt.
Discussions are underway between officials in the Ministry of Economics and Chancellor Olaf Scholz. The aim is to prevent massive power outages if the two Russian companies get into difficulties. This is confirmed by several government sources to the newspaper.
According to Handelsblatt, the two companies are systemically important. Neither of the two companies can be replaced in the German energy market. Gazprom Germania has large facilities where the imported gas from Russia is stored. Rosneft Deutschland is a key player in the German gasoline and diesel market. This is reported by the newspaper.
Has led the way in sanctions
The two Russian companies are in danger of going "technically bankrupt". This is because banks and business partners in Germany are distancing themselves from companies with Russian owners. This has happened after the Russian invasion of Ukraine on February 24.
Germany has led the way in the extensive sanctions that the United States and its Western allies have imposed on Russia. Russian President Vladimir Putin has threatened to cut off all Russian gas to Europe from Friday. He has said that this will happen if the countries do not settle for the gas in the Russian currency rubles.
The response from the largest importer of gas, Germany, has been that it will follow the contract and pay in euros.
Ritzau
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