Energy Economy

12 May 2022

Russia Slaps Sanctions on Western Energy Firms

12 May 2022  by   
The sanction have been placed on 31 companies, most of which belong to a German subsidiary of Russian gas firm Gazprom. AFP.

Moscow has imposed sanctions on more than 30 EU, US and Singaporean energy companies in a retaliatory move following western penalties imposed over the Russian invasion of Ukraine, a government decree said on Wednesday.

The list names 31 companies, most of which belong to the Gazprom Germania group of subsidiaries of Russian energy firm Gazprom.

Germany said in April it was taking control of the German subsidiary of Gazprom.

The sanctions also affect Poland's EuRoPol Gaz, owner of the Polish section of the Yamal-Europe gas pipeline.

The sanctions include a ban on transactions and the entry into Russian ports of vessels linked to the affected companies.

The German Ministry of Economy and Climate Protection said on Wednesday that the government was “making the necessary arrangements and preparing for different scenarios”.

“The gas crisis team is monitoring the situation closely,” the ministry added.

“Currently, the security of supply is guaranteed; it is constantly monitored.”

Unprecedented in their scale and speed, western sanctions against Moscow have included freezing assets and export bans on strategic products such as semiconductors and financial sanctions.


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