Scholz Puts Full Muscle of German State Into Securing Energy
- Germany seizes local division of Russian oil major Rosneft
- Government in talks to take over Uniper, other gas companies
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Chancellor Olaf Scholz is putting billions of euros of public money on the line to keep Germany running as Moscow cuts off energy supplies, in a high-stakes gamble that risks tensions with his pro-market coalition partners.
The decision to seize control of Russian oil major Rosneft PJSC’s German oil refinery assets is likely just the first step in an overhaul that could see Berlin pressured to take over a big chunk of the energy sector in Europe’s largest economy, with consequences for years to come.