Germany is ready to spend billions of euros to save Gazprom Germania

The German authorities are planning to allocate up to 10 billion euros to rescue Gazprom Germania, previously owned by Gazprom.

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“The German authorities are preparing to provide billions of euros to rescue the former division of Gazprom, which is now under the control of the country’s energy regulator,” the official statement says.

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The KfW Group bank is expected to issue a loan of 5 to 10 billion euros to rescue Gazprom Germania. Moreover, assistance may be provided as early as this week, although sources noted that negotiations on this issue are still underway and plans may change.

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The money could help stabilize the company and secure supplies after Russia cut Gazprom Germania’s supplies.

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Gazprom ceased to own Gazprom Germania at the end of March after media reports about searches that took place there. And already on April 4, the German authorities took Gazprom Germania under temporary management, deeming the acquisition of the company without their permission by new investors invalid. In May, the company was on the list of retaliatory sanctions imposed by the Russian government.