Germany is considering nationalizing units of 2 Russian energy giants to bolster its energy supply amid the war in Ukraine
The two Russian energy giants have a significant footprint in Europe's largest economy, with Gazprom Germania running gas-storage facilities and Rosneft Deutschland accounting for one-quarter of Germany's refinery business, per Handelsblatt.
Berlin is also considering expropriating Gazprom assets by forcing the giant to sell its gas-storage facilities across Germany,reported on Friday, citing a government official and two other people briefed on the plans. Plans to nationalize Gazprom and Rosneft units in Germany — which Handelsblatt first reported on Thursday — were met with approval from the ruling coalition, the"The situation is serious and requires extraordinary measures," said Bernd Westphal, an energy parliamentary group spokesperson from Chancellor Olaf Scholz's Social Democrats party, per Handelsblatt.
If the energy companies were nationalized, they would come under the control of German authorities, thereby loosening Russian influence on energy security in Germany and better ensuring supply continuity. The move comes as Germany seeks to bolster the country's energy security amid the Ukraine war. Last week, Germany activated an
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