Gazprom exits London-based Gazprom Marketing & Trading

The Kremlin-based company has also exited Gazprom Germania GmbH

Big Zero Report 2022

Russia’s energy giant Gazprom has announced it has exited its German subsidiary and a trading arm in the UK.

The gas producer has pulled out of Gazprom Germania GmbH and all of its units, including London-based Gazprom Marketing & Trading (GM&T), it said in an announcement.

The move follows Vladimir Putin’s threat yesterday to turn off Europe’s gas supplies if countries don’t pay in roubles.

His announcement faced fierce criticism from European leaders.

The company did not explain further its decision.

Szymon Kardas, an Energy Expert at the University of Warsaw tweeted: “It seems that Gazprom decided not to wait for nationalisation by the authorities in Berlin and withdrew itself from the German company Gazprom Germania GmbH.

“A similar decision was also made with regard to GM&T.”

In a statement, GM&T said: “GM&T has noted the statement released by Gazprom around 11.45am (BST) stating that Gazprom Group has “ceased its participation” in GM&T and Gazprom Germania Group. At this time, we are not in a position to comment on the new ownership structure.

“GM&T remains operationally independent. We source our gas in the European wholesale markets in exactly the same way as other market participants and since Q1 2021 we have not received gas under long-term contracts with Russia.”

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