Russian gas sanctions cost Germany €5bn annually: press
Sanctions introduced by Russia on Gazprom Germania and its subsidiaries could cost German taxpayers €5bn ($5.4bn) annually for the purchase of alternative gas, Welt am Sonntag reported on June 5.
German regulators seized control of the operations of Gazprom Germania in early April. Days earlier Gazprom said it no longer participated in the business. And in mid-May, the Russian government imposed sanctions on Gazprom Germania, and Gazprom subsequently stopped supplying the company.
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Since then, Germany's Bundesnetzagentur energy regulator, acting as the company's trustee, has been buying replacement gas on the market in order to fulfil supply contracts with German utilities and regional suppliers.
Germany has embraced LNG as the means of weaning itself off Russian gas, unveiling plans for as many as four import terminals. But it is expected to take several years for the first of these facilities to come online.