SEFE
German state-owned gas trader, former Gazprom Germania; Russian LNG contract grandfathered to 2027.
Last refreshed: 29 May 2026 · Appears in 1 active topic
Why is a state-owned German firm still receiving Russian LNG under the EU's ban?
Timeline for SEFE
Mentioned in: EU storage margin narrows to 45 GWh/day
European Energy MarketsHeld long-term Russian LNG contract grandfathered to 1 January 2027
European Energy Markets: EU Russian LNG ban begins; TTF barely flinchesWhat is SEFE and why is it state-owned?
Does Germany still import Russian LNG despite the EU ban?
Background
SEFE (Securing Energy for Europe) is a German state-owned gas trading company, formerly known as Gazprom Germania, which was seized by the German government in April 2022 following Russia's invasion of Ukraine. The Federal Network Agency (Bundesnetzagentur) placed it under trusteeship and the German state subsequently took full ownership, making SEFE one of the largest state interventions in European Energy infrastructure.
SEFE holds a long-term Russian LNG supply contract that was grandfathered under the EU's short-term spot-contract ban entering force on 25 April 2026; the contract runs until 1 January 2027. The fact that a state-owned German company is among the three EU buyers still receiving Russian LNG under the carve-out has drawn political attention, particularly given Germany's high-profile efforts to reduce Russian energy dependence since 2022.
SEFE operates as a mid-stream gas trader, managing supply contracts and trading positions across European hubs including TTF, THE (Trading Hub Europe), and NBP. Its January 2027 contract expiry will require the German state to secure replacement volumes or allow SEFE to source entirely from non-Russian supply.
