Germany seeks to protect Rosneft subsidiaries from US sanctions – Reuters

German authorities are trying to protect Rosneft’s subsidiaries in Germany from new US sanctions. At the same time, both German branches of the company are absent from the fresh sanctions list of the US Treasury. This is reported by UNN with reference to the agency Reuters, DW.

DetailsAccording to Reuters, several banks have already reported that US sanctions could prevent them from cooperating with Rosneft’s subsidiaries in Germany. The German Ministry of Economy and Energy told the agency that US sanctions should not affect Rosneft’s activities in the country, as its business has been under state trusteeship since September 2022.

DW contacted the ministry with its own request to find out whether they see a threat to Rosneft’s German subsidiaries due to US sanctions.

These are two German companies – Rosneft Deutschland and RN Refining & Marketing. After Russia’s invasion of Ukraine, the German authorities deprived Rosneft of control over them and transferred them to the external trusteeship of the Federal Network Agency. Ownership remained with Rosneft.

It is noted that Rosneft Deutschland accounts for about 12% of Germany’s oil refining capacity. The company owns stakes in three major German oil refineries – PCK Schwedt in Schwedt, MiRo in Karlsruhe, and Bayernoil in Vohburg an der Donau.

According to DW, 28 Rosneft subsidiaries and six Lukoil subsidiaries have been added to the sanctions list. At the same time, neither Rosneft Deutschland nor RN Refining & Marketing have been included in the US Treasury Department’s list.

US sanctions against RussiaOn October 22, the US Treasury Department imposed sanctions against Rosneft, Lukoil, and their subsidiaries. The US called on Moscow to immediately agree to end the war against Ukraine.

RecallOn Wednesday, October 23, Vladimir Putin stated that the new US sanctions are serious, but will not affect the Russian economy. He called them an attempt at pressure and an unfriendly act that does not strengthen Russian-American relations.  

Donald Trump reacted to Vladimir Putin’s statement about Russia’s alleged immunity to American sanctions. The US President ironically noted that he was glad to hear about the dictator’s “confidence,” but preferred to see how Russia would cope with the restrictions.

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