Germany depends on Russian gas for about 40 percent of its needs, but has joined Western sanctions against Moscow over Ukraine, including by halting the Nord Stream 2 Baltic gas pipeline designed to double the flow of Russian gas direct to Germany. The Russian gas supplier said it had terminated its participation in Gazprom Germania GMBH and all of its assets, including Gazprom Marketing & Trading Ltd.
However, it provided no further details or explanation.
Katja Yafimava, senior research fellow at the Oxford Institute for Energy Studies told Reuters: “I think this means Gazprom is drawing a curtain on being an active participant in the European gas market. Essentially it is going home because it no longer feels welcome.
“I think Gazprom understands it is going to face a hostile political and regulatory environment in Europe and therefore wants to consolidate and conduct all of its business in one place – St Petersburg, most likely with the political support of the Russian government.”