Germany braces for energy sanctions by Russia: minister

BERLIN -- Germany is bracing for energy sanctions imposed by Russia, Minister for Economic Affairs and Climate Action Robert Habeck said during his speech in the country's lower house of parliament Bundestag on Thursday.

"We have prepared ourselves for the situation," Habeck said, noting that energy markets offered sufficient alternatives and could compensate for the loss of gas from Russia.

Moscow on Wednesday imposed sanctions on European energy companies. Gazprom Germania and some of its subsidiaries were no longer supplied with gas from Russia.

Gazprom Germania is currently managed by Germany's Federal Network Agency (BNetzA).

"Overall, gas flows to Germany are almost unchanged," the BNetzA said. However, the development would be closely monitored. Current filling levels of gas storage facilities in Germany were slightly above the average of previous years.

Reduced gas volumes via Ukrainian transits were currently offset by higher inflows from Norway and the Netherlands in particular, according to the latest daily situation report by the German agency.