Germany is taking steps to privatize the division of Russian gas supplier Gazprom that was seized by Berlin in 2022.

The company, now called Sefe, was nationalized in response to Russia’s invasion of Ukraine, and has played a central role in Germany’s energy transition away from Russian gas.

Its CEO told the Financial Times that the Iran war has accelerated the plans to privatize via a capital raise, as supply disruptions put a greater global focus on energy security and push gas prices up.

Despite the crunch, the natural gas supply in Europe remains healthy, a Kpler analyst said, but the continent will get through the crisis “at a much higher price than previously anticipated.”