Germany considers law reform to block Russian-owned Nord Stream takeover
BERLIN, June 27 (Reuters) - Germany is considering changing its foreign trade law to prevent the company running the Nord Stream 2 pipelines from being taken over, a document showed on Friday, as part of Berlin's efforts to prevent any resumption of Russian gas imports.
For decades Germany relied on cheap Russian gas, but since the outbreak of the conflict in Ukraine, it has sought alternatives.
German Chancellor Friedrich Merz has said he will ensure Nord Stream 2, which the country once backed, would not go into operation, but for now the country has no legal means to prevent a sale of the assets, owned by Russian giant Gazprom (GAZP.MM), opens new tab.
The Nord Stream pipeline system comprises two double pipelines across the Baltic Sea to Germany and was the biggest route for Russian gas to enter Europe, capable of delivering 110 billion cubic metres of gas a year.
The second link Nord Stream 2 was completed in 2021. It never became operational due to deteriorating relations between Russia and the West and was hit by unexplained explosions in 2022 that left one of its two lines intact.
Swiss-based Nord Stream 2 has been going through insolvency procedures that could lead to asset sales.
In November, The Wall Street Journal reported that U.S. investor Stephen P. Lynch was attempting to acquire Nord Stream 2, a report the Russian government denied.
In a parliamentary response dated June 24, the German Economy Ministry said the government was discussing a possible amendment during this legislative period to the foreign trade law as it does not currently provide for any investment review in the event of a takeover.
Der Spiegel magazine first reported the news.
Former economy ministry state secretary and Green lawmaker Michael Kellner said the government must close this loophole.
"Pipelines in Germany or Europe do not belong in the hands of Russian or American companies," he told Reuters.
Gazprom did not reply to a request for comment.
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