Global RiskNews Briefs

Germany seizes Russian oil firm Rosneft’s refineries

Germany has taken control of the German side of operations of a Russian oil firm, Rosneft, to secure energy supplies. Energy supplies have been largely disrupted since Russia’s invasion of Ukraine. Rosneft’s German subsidiaries account for approximately 12 percent of the oil refining capacity in the country and were placed under the trusteeship of the Federal Network Agency. 

This seizure comes after Germany is struggling to wean itself off from dependence on fossil fuels from Russia. Russia has stopped all natural gas deliveries to Germany via the Nord Stream 1 pipeline. The subsidiaries covered in the move include Rosneft Deutschland GmbH, RN Refining and Marketing GmbH and their corresponding stakes in PCK Schwedt, MiRo and Bayernoil. By taking control fo the sites, German authorities can run the refining operations using crude oil from other countries, not Russia.

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