(Bloomberg) -- Germany has earned €275 million ($301 million) from its shareholding in Securing Energy for Europe GmbH (SEFE), a former unit of Russia’s state gas giant Gazprom PJSC.
The figure — set out in a paper accompanying a draft law that was approved by the cabinet on Wednesday — represents a partial repayment of the 2022 bailout, a company spokesperson said. SEFE is obliged to make such payments as part of a “claw-back” mechanism set up by the European Union.
Germany nationalized SEFE after Moscow invaded Ukraine and curtailed gas shipments to the continent. The European Commission approved the move, along with a €6.3 billion capital injection, as long as certain obligations are fulfilled.
The mechanism results in a payment if sanctions-related economic damage to SEFE falls below a certain level, according to the spokesperson. That should prevent SEFE from gaining a competitive advantage over other companies.
The company was obliged to make the payment by the end of March, according to the Finance Ministry document. The ministry wasn’t immediately available for comment.
(Updates with more details throughout.)
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