The West German–Soviet (Russian) natural gas deal was signed on February 1, 1970.
Who signed? Well....it wasn't Willy Brandt (the Chancellor). It was done by West German Economics Minister Karl Schiller and Soviet Foreign Trade Minister Nikolai Patolichev. This was part of Willy Brandt’s Ostpolitik policy of détente with the Soviets and simply the next leg (already with Austria in 1968 and Italy in 1969.
The pipe? Well....West German of course.
Who financed the whole thing? A group of 17 West German banks (led by Deutsche Bank) provided a long-term loan...6-percent interest if you were curious....on what the Soviets needed.
Risky? Credit risks were underwritten by the West German government’s export-credit agency.
The end piece? Throughout the the era of 1970 to 2022....it powered German industry. When the invasion occurred and the Germans ended the 'deal'....that really started the collapse of German economy.
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