The European Commission (EC) approved 225.6 mln euro for the nationalization of the former subsidiary of Gazprom SEFE (Securing Energy for Europe) by the German government, according the statement from the EC.
"The European Commission has approved a ?225.6 million German aid measure to support SEFE Securing Energy for Europe GmbH ('SEFE GmbH'), previously Gazprom Germania GmbH, currently placed under the trusteeship of Germany. The measure will allow the German State to take the 100% ownership of SEFE GmbH replacing Gazprom Export LCC, in order to safeguard the security of gas supply to the German economy," the statement said.
According to the report, "Under the planned measure, the existing registered capital of ?225.6 million will be set to zero, which will de facto end the ownership of the present Russian shareholder."
"The Commission found that the German measure is necessary, appropriate and proportionate to remedy a serious disturbance in the economy of a Member State, in line with Article 107(3)(b) TFEU," the EC said.