Home News 31 Western energy companies have reached Russia’s sanctions list

31 Western energy companies have reached Russia’s sanctions list

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The government of the Russian Federation has approved a list of legal entities against which retaliatory sanctions are introduced. The corresponding resolution of the Cabinet of Ministers was published on Wednesday on the official portal of legal information.

The list includes 31 organizations from Germany, France, and other European countries, as well as the United States and Singapore. These include former European subsidiaries of Gazprom, traders and operators of underground gas depots.

According to the document, it will no longer be possible to carry out a number of transactions with such companies. In particular, the Russian authorities, legal entities and citizens will not be able to enter into transactions with them and the organizations under their control, will not be able to fulfill their obligations following the concluded transactions and will not be able to carry out financial transactions in their favor. This includes concluded foreign trade contracts. These bans were previously established by a decree of Russian President Vladimir Putin.

The Cabinet of Ministers, in its resolution, also established additional criteria for transactions that are prohibited from being carried out with companies on the sanctions list of the Russian Federation. These include transactions concluded in favor of such persons, or which provide for payments, securities transactions with the participation or in favor of such companies or involving the entry into the ports of the Russian Federation of ships owned or chartered by the sanctioned. persons, in their interest or on their behalf.

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As stated in the document, “the prohibitions set out in this resolution shall be enforced if the persons implementing special economic measures have information that the action is being taken in favor of the sanctioned persons”.

In addition, the Ministry of Finance of the Russian Federation has been appointed responsible for submitting proposals to the Cabinet of Ministers regarding the amendment of the list, as well as for granting temporary permits for certain transactions with sanctioned persons. The decree shall enter into force on the date of its official publication.

Subsidized firms

The Russian sanctions list includes Gazprom Germany GmbH, Gazprom Schweiz AG, Gazprom Marketing & Trading USA Inc, Vemex, Wingas, EuRoPol GAZ.

On March 31, 2022, the Gazprom Group ceased to participate in the German company Gazprom Germania Gmbh and all its assets, including Gazprom Marketing & Trading Ltd. The holding company no longer owns the St. Petersburg subsidiary Gazprom Export Business Services, which in turn is the sole founder of Gazprom Germania GmbH. The Russian holding company said that these companies should stop using Gazprom brands.

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The German Ministry of Economic Affairs and Climate Protection has placed Gazprom Germania GmbH under the auspices of the Federal Network Agency until September 30.

Gazprom Germany is an international group of companies which, through its subsidiary Gazprom Marketing & Trading, is engaged in the trading of natural gas on the UK spot markets, as well as in the sale of liquefied natural gas in Southeast Asia, through its subsidiary Gazprom Schweiz AG trades in gas in the countries of Central Asia and the former Soviet Union, as well as in Austria, Italy and Serbia. Natural gas is sold in Germany mainly through Wingas and in the Czech Republic and Slovakia through Vemex Gazprom Germany.

Gazprom Germany is also the operator of several large gas storage facilities in Germany, in particular in cooperation with Wingas in Jemgum and Reden, and several projects have been developed in Serbia, Austria and the Czech Republic.

EuRoPol GAZ is a joint venture between Gazprom and PGNiG in Poland, which owns the Polish section of the Yamal-Europa gas pipeline.

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