Last week, Poland took over the shares held by PAO Gazprom (48%) in the company EuRoPol Gaz, owner of the Yamal-Europe gas pipeline, other shareholders being subsidiaries of the Polish energy group PKN Orlen: gas operator „Polskie Górnictwo Naftowe i Gazownictwo” or PGNiG (48%) and Gas Trading (4%).

Back in April, Poland imposed sanctions on 50 Russian oligarchs and companies, including Gazprom, in retaliation for Russia’s invasion of Ukraine. Simultaneously, Russia interrupted gas exports to Poland when Warsaw refused to pay in roubles.

“Gazprom will no longer regain control of gas pipelines in Poland”, – Buda announced in an interview with Trójka. “This is a groundbreaking decision. It can be said that one of the few in Europe where we take over assets instead of just freezing them,” – he explained. 

According to a press release from the Polish Ministry of Development and Technology, „the temporary receivership of […] PAO Gazprom […] is necessary to ensure the functioning of this entity within the framework of the rights it exercises from 100 % of shares held in […] System Gazociągów Tranzytowych EuRoPol Gaz S.A. […] in order to maintain within the scope of activity of this company the provision of public services or the performance of other tasks of a public nature and to protect the economic interest of the State”.

A “temporary mandatory administration” of PAO Gazprom was set up as a result. Radosław Kwaśnickia, a lawyer, specialising in fuel and gas issues, was appointed as its head.

In the meantime, Berlin has also taken control of the German holding company Gazprom Germania. The German government explained it did so “to secure gas supplies for the German economy.”

Image: Unsplash

Author: Sébastien Meuwissen