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Gas does not pull a pocket

14 November 2022

Kondratiev Sergey V. Deputy Head of the Economic Department, Head of the Real Sector Group

Sergey Kondratiev, Deputy Head of the Economic Department of the Institute for Energy and Finance, commented to the Kommersant newspaper on the nationalization of Gazprom's assets in Germany.

Germany is the first among the EU states is going to nationalize assets associated with Russia. We are talking about the former division of Gazprom, Gazprom Germania, which is now renamed SEFE. Such measures are explained by the desire to avoid the bankruptcy of SEFE. In the meantime, the Polish authorities intend to transfer Gazprom's stake in Europol gaz, which owns the Polish section of the Yamal-Europe gas pipeline, under compulsory control.

Russia currently does not supply gas to Poland, and supplies to Germany are insignificant, so the decision on nationalization is unlikely to somehow affect the situation in the gas market of these countries, Sergey Kondratiev believes.

In theory, Russia could try to limit LNG supplies, he believes, but this is not technically easy to do: the LNG market is global, and the supplier does not always know the end user.

“I think Gazprom will try to challenge the decision in court. Potentially, the company may try to seize state assets or assets of state-owned companies from these countries in Russia and friendly states,” he believes.

Kondratiev Sergey V. Deputy Head of the Economic Department, Head of the Real Sector Group
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