UK exempts Russian oil giant’s subsidiaries from sanctions

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…

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