Gazprom cuts ties with German unit

Gazprom is no longer the owner of its German unit Gazprom Germania and all its subsidiaries, including London-based trading arm Gazprom Marketing & Trading, the Russian gas supplier reported on April 1.

Gazprom's subsidiaries in Europe have been struggling with clients and business partners shunning them in the wake of Moscow's invasion of Ukraine, as well as banks delaying their transactions as a result of sanctions.

In a message on its Telegram channel, Gazprom said it had "terminated its participation in the German company Gazprom Germania GmbH and all its assets, including Gazprom Marketing & Trading Ltd." The company did not disclose who the new owner was.

Besides Gazprom Marketing & Trading, Gazprom Germania's other businesses include Kassel-based Wingas, which supplies around 20% of German gas demand, and Berlin-based Gazprom NGV Europe, which sells gas as a road transport fuel. They also include Prague-based VEMEX, Kassel-based WIEH and Astoria, and Zurich-based Gazprom Schweiz. 

Gazprom Marketing & Trading's sub-divisions comprise GM&T Mexico, GM&T Switzerland, GM&T France, GM&T USA, Gazprom Global LNG, GM&T Retail and GM&T Singapore PTE.

German newspaper Handelsblatt reported on March 31 that Germany's government was considering nationalising or expropriating some of Gazprom's local subsidiaries in the country.