Rosneft’s assets in Germany have been placed under state control, according to British authorities
The UK has granted a sanctions exemption to two German-based subsidiaries of Russia’s state-run energy major Rosneft. They have been nationalized by Berlin, allowing firms and financial institutions to continue working with them, according to the UK Office of Financial Sanctions Implementation (OFSI).
Last week, London expanded its energy-related sanctions against Russia’s largest oil producers, Rosneft and Lukoil, by targeting their foreign partners. The new measures include asset freezes and restrictions on services and transportation linked to the companies. Both firms were already subject to sectoral sanctions prior to the announcement.
On Wednesday, the UK government said it would permit business activity with Rosneft Deutschland and RN Refining & Marketing, emphasizing that the subsidiaries had been placed under German state control until March 2026.
German authorities assumed control of the companies shortly after the escalation of the Ukraine conflict in February 2022. The arrangement, known as a trusteeship and renewed every six months, allows the Federal Network Agency to manage Rosneft’s assets in the country. It covers Rosneft’s stakes in major refineries, including PCK Schwedt, MiRo, and Bayernoil.
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Rosneft has condemned the transfer of its German subsidiaries into external management, calling the decision unlawful and a violation of fundamental market economy principles.
Russia has repeatedly dismissed Western sanctions as illegal. Kremlin spokesman Dmitry Peskov has described the restrictions as a “double-edged sword,” warning that each new package introduces negative consequences for the countries that adopt it.
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