Germany seeks to protect Rosneft

After German banks stated that sanctions could prevent them from doing business with a local energy supplier, Berlin sought a waiver from the US sanctions against the German business of Russian oil company Rosneft, Reuters reports.

Rosneft's German business is controlled by the German government but is owned by Russia. Rosneft's German division, which includes stakes in the Schwedt, MiRo, and Bayernoil refineries, was placed under government control in 2022 following Russia's full-scale invasion of Ukraine.

In response, a representative of the German Ministry of Economy stated that US sanctions should not apply to Rosneft's German business, as it is separate from its Russian parent company and under German control.

Photo: EP