Gazprom’s departure from Germany raises concerns. Government, experts and industry are trying to determine its immediate and long-term consequences.
Step by step, Germany is monitoring Russia’s moves in the energy field and the pressures it exerts on the German gas market, as the country is more than 50% dependent on Russian gas. In an interview with the Rheinische Post today, Economy Minister Robert Habeck said: “The federal government is currently making very careful weightings to prevent a bigger evil.”
These weightings are now made day by day literally. The Bonn-based regulator monitors the adequacy of gas reserves and assesses the situation on a daily basis by informing Berlin.
At the same time, after yesterday’s brief announcement by Russian Gazprom that it was leaving the German market, thus leaving Gazprom Germania’s subsidiary, of which it is the sole shareholder, everyone is trying to decipher this move and assess its consequences. There are no official reactions yet, but the government, industry and experts are watching the development closely, while according to information, the possibility of its nationalization has been considered for at least a few days now.
Perhaps the worst economic crisis since the end of World War II
According to energy expert Fabian Huneke, who spoke to the German news agency, Gazprom’s move is currently being interpreted as pressure on Germany to renegotiate new gas contracts with Russia. It is even estimated that Russia is ready to “sacrifice” Gazprom’s natural assets (gas storage facilities, pipelines, transport infrastructure, etc.) on German soil, losing its subsidiary in order to “play” the Kremlin’s energy game.
For his part, the head of the leading German chemical industry BASF Martin Brundemiller estimates according to Tagespiegel that serious problems in the flow of gas in Germany could lead to unprecedented losses in heavy industry leading the German economy to its worst crisis since World War II. The German construction expert and government adviser Lamia Messari-Becker also told the German news agency that a possible interruption in the normal flow of Russian gas to Germany “could cause a domino effect in the raw materials industry, which would difficult to reverse “.
So far, the common denominator between Soltz, Lindner and Hubeck, chancellors and finance ministers, is that current gas supply contracts in Germany continue to be paid only in euros or dollars, despite pressure from Russia, now and then. the departure of Russian energy giants.
DW – Dimitra Kyranoudi
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