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U.K. Government Prepares to Take Over Gazprom Retail Arm

  • Teneo being lined up to oversee special administration
  • Gazprom unit says it’s not aware of any decision by regulator
Updated on

The U.K. government is preparing to step in and temporarily run Gazprom PJSC’s British retail supply arm as it comes under increasing pressure from companies turning their backs on Russian business over the war in Ukraine. 

Gazprom Marketing & Trading Retail Ltd. is a prime candidate to be taken into the U.K.’s special administration regime if it fails, to ensure continuity of supply, according to a person familiar with the matter. Officials are closely monitoring the situation at the company, which has more than 30,000 business customers.