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Russia Imposes Sanctions On German Unit Of Gazprom: Bloomberg

By Vandana Singh

Russia has cut natural gas supplies to a unit of Gazprom PJSC (OTC:OGZPY) seized by Germany in retaliation for western penalties over the war in Ukraine.

German Economy Minister Robert Habeck said that Gazprom Germania GmbH and its subsidiaries are no longer receiving all contracted volumes, reports Bloomberg.

“In Germany, Gazprom and its subsidiary are affected, which means that some of the subsidiaries are no longer getting any gas from Russia,” Habeck said in a speech to the lower house of parliament in Berlin. “But the market offers other alternatives.” “The situation is that the gas market can compensate for the loss of gas from Russia,” Habeck said.

Germany last month temporarily took control of Gazprom Germania to safeguard the security of supply. 

Most of the group’s companies came under pressure after clients and business partners refused to do business with them after Russia invaded Ukraine.

Habeck said that Russia’s decision to sanction Gazprom Germania “shows though that the confrontation over energy is a weapon” and that “energy can be used powerfully in an economic conflict.”

Habeck will make a further statement about the sanctions on Gazprom Germania and the president of the federal network agency at 12:45 p.m. in Berlin.

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