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Three decades of relative peace since the breakup of the Soviet Union allowed for friendlier ties with Moscow. That even developed into a significant dependency on energy imports from Russia. But the Russian invasion of Ukraine has changed that.
For some time, the Green economy minister has for some time been Germany’s most popular politician, outshining Chancellor Olaf Scholz in times of dramatic gas and electricity price hikes. But now the tide is turning.
The German government is to become the majority shareholder in Uniper. As Germany’s largest gas importer, the company has burned through cash reserves after Russia cut off supplies.
German Economy Minister Robert Habeck said Germany has a chance of getting through the winter “comfortably” despite the lack of Russian gas. Germany is on track to meet a 95% storage capacity target by November.
Uniper’s situation has looked increasingly vulnerable following the closure of the Nord Stream 1 pipeline. Previously, Germany’s largest importer of natural gas said soaring energy prices had hit the company hard.
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