The German Government Extends Control Over Rosneft Subsidiaries

The German government said today, Friday, that it will keep two subsidiaries of the Russian oil giant Rosneft under the control of the German authorities for another six months.

Background

A year ago, the German government announced that it would take over Rosneft Deutschland Limited and Rosneft Refining and Marketing Limited, which are under the control of the German Federal Network Agency.

In March last year, a German federal court dismissed Rosneft’s complaints and upheld the decision. The guardianship gave the German authorities control over three oil refineries owned by Russia.

Extension of Guardianship

The German Economy Ministry said today that it has once again extended the guardianship until March 10, 2024 under the pretext of “securing energy supplies.”

Rosneft subsidiaries own a refinery in Schwedt, on the Polish border northeast of Berlin, which supplies oil products to the capital and much of northeast Germany.

Until the end of 2022, I was actively involved in Russian oil. Currently, oil is supplied here from the Polish port of Gdansk and Kazakhstan.

Response and Controversy

Later, Germany nationalized the division of Gazprom, which was renamed the Energy Insurance of Europe.

Earlier, Rosneft said that Germany’s decision to transfer the company’s assets is illegal and that it will go to court to protect the rights of shareholders, considering this decision a violation of the principles of a market economy.

For its part, Moscow has criticized the move and reaffirmed that it will protect its own rights, as well as the rights of its companies and citizens.

Conclusion

The German government’s decision to extend control over Rosneft subsidiaries reflects its determination to secure energy supplies and maintain authority over key oil refineries in the country. The ongoing controversy between Germany and Rosneft highlights the clash between national interests and market principles.

Source: RT+AB