• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar

Republica Press

Your Business & Political News Source

REPUBLICA PRESS
Your Business & Political News Source

  • Home
  • BUSINESS
  • MONEY
  • POLITICS
  • REAL ESTATE
  • SCIENCE/TECH
  • US
  • WORLD

Germany faces 5 billion euros a year hit from Russian gas sanctions, Welt am Sonntag reports

by

>>> Don’t Miss Today’s BEST Amazon Deals!<<<<

The logo of Gazprom Germania is pictured at their headquarters, in Berlin, Germany April 1, 2022. REUTERS/Fabrizio Bensch

Register now for FREE unlimited access to Reuters.com

BERLIN, June 5 (Reuters) – Russia’s sanctions against Gazprom Germania and its subsidiaries could cost German taxpayers and gas users an extra 5 billion euros ($5.4 billion) a year to pay for replacement gas, the Welt am Sonntag weekly reported, citing industry representatives.

In May, Russia decided to stop supplying Gazprom Germania, which had been the German subsidiary of Gazprom, after Berlin put the company under trustee management due to Russia’s invasion of Ukraine. read more

Since then, the Bundesnetzagentur energy regulator, acting as trustee, has had to buy replacement gas on the market to fulfil supply contracts with German municipal utilities and regional suppliers.

Register now for FREE unlimited access to Reuters.com

The economy ministry estimates an extra 10 million cubic meters per day are required, said a ministry spokesperson, confirming a number cited by the newspaper.

“The quantities are procured on the market and at market prices. No information can be given on the exact amounts due to commercial confidentiality,” said the spokesperson in an emailed response.

Welt am Sonntag said the current cost would be about 3.5 billion euros a year and that further costs could arise from the filling of the Rehden natural gas storage facility which Economy Minister Robert Habeck ordered on Wednesday, it said.

The paper also said the additional costs would be passed on to energy suppliers and end customers in the form of a gas levy from October.

The ministry spokesperson said supplies were not at risk.

($1 = 0.9330 euros)

Register now for FREE unlimited access to Reuters.com

Reporting by Madeline Chambers
Editing by Mark Potter and Raissa Kasolowsky

Our Standards: The Thomson Reuters Trust Principles.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Filed Under: BUSINESS Tagged With: Acting, Economy, Energy, Gas, Gazprom, Germany, Industry, Information, Natural Gas, Pay, Reuters, Russia, Ukraine, Utilities

Primary Sidebar

More to See

The Madison Club’s Latest $27M Mansion: Luxury in La Quinta, CA

The poshest place in California's Coachella Valley is The Madison Club. This exclusive gated community in La Quinta is where A-listers and tycoons … [Read More...] about The Madison Club’s Latest $27M Mansion: Luxury in La Quinta, CA

Quality Wines From The Romagna Region Of Italy

Piazza del Popolo in the evening, Ravenna, Emilia-Romagna, Italy getty Italy has 20 different geographical regions, and Emiglia-Romagna—in the … [Read More...] about Quality Wines From The Romagna Region Of Italy

Investigators of War Crimes in Ukraine Face Formidable Challenges

KOROPY, Ukraine — Four men tugged at long strips of fabric to lift a coffin out of the gaping hole in the backyard of a small house. They flung the … [Read More...] about Investigators of War Crimes in Ukraine Face Formidable Challenges

Copyright © 2022 · Republica Press · Log in · As an Amazon Associate we earn from qualifying purchases.

Terms and Conditions - Privacy Policy