Moldova is considering the option of nationalizing "Moldovagaz."

On Monday, Moldova's Prime Minister Dorin Recean, as reported by Reuters, instructed the country's government to begin preparations for a potential nationalization. The Minister of Justice was specifically tasked with drafting legislative changes necessary for nationalization. According to Recean, Moldova has "had" strategic assets taken away in the past, and now they should be returned to state ownership.

The ownership structure of the company "Moldovagaz" has remained almost unchanged since 2013: 50% is owned by "Gazprom," 35.6% by the Moldovan government, around 13% by the authorities of the self-proclaimed Transnistria, and a small number of shares belong to minority shareholders.
Russia supplies Moldova with about 2 billion cubic meters of gas annually. The gas is delivered via pipeline through Ukraine. However, the gas transit agreement between Ukraine and Russia expires on December 31, and Kyiv, amid the ongoing full-scale war with Russia entering its third year, has refused to extend it.

As noted by the Moldovan service of Radio Free Europe/Radio Liberty, even after the cessation of transit through Ukraine, "Gazprom" still has the capability to meet its contractual obligations by supplying gas through the Trans-Balkan pipeline. This pipeline allows for gas transport to Turkey, the Balkans, and Central European countries, bypassing Ukraine.

However, "Gazprom," announcing its intention to halt gas exports to Moldova starting January 1, cites not the termination of transit but rather the debt that, according to the Russian company, has accumulated on the Moldovan side. Chisinau, however, only acknowledges $8.6 million of the $709 million debt claimed by "Gazprom." The Moldovan authorities accuse Russia of attempting to destabilize the situation in the country through gas blackmail. Moldova's President Maia Sandu, a critic of the Kremlin, accused "Gazprom" of provoking an energy crisis, stating that it refuses to supply gas via an alternative route.

In light of the potential cessation of gas supplies to Moldova, the gas supply to the self-proclaimed Transnistria is also at risk. "Moldovagaz" currently transports Russian gas there, which is used to produce cheap electricity supplied to areas controlled by the Moldovan government. This scheme is now under threat. The authorities in Transnistria have already announced measures to conserve gas, including the suspension of gas supplies to several social facilities. Without gas supplies, the power plant in Transnistria could cease operations, potentially leading to hours-long electricity outages not only in the separatist region but across all of Moldova.