The German government has set up a holding company for the possible nationalization of Gazprom Germania, a subsidiary of the Russian energy giant in Germanywhich was practically abandoned in April, According to a report published today in the newspaper Welt am Sonntag.

In April, Germany’s energy watchdog gave assurances that it would run a gas trading, storage and transportation company for the benefit of Germany and Europe.

A holding company codenamed Securing Energy for Europe Holding GmbH (SEEHG) will be responsible for the company’s investments, Welt said in a statement citing a government document.

It will be led by two lawyers from CMS Hasche Sigle, the newspaper added. The law firm declined to comment, citing a duty of confidentiality.

The German economy ministry said it was aware of the holding company’s creation, explaining that it was a precautionary measure in connection with a possible restructuring of Gazprom’s German subsidiary.

This is a “totally precautionary” scheme, which is currently just an empty “corporate legal shell”, a spokesman for the ministry explained to the German publication.

Source: Reuters, APE-MPE.