Berlin puts Rosneft units into trusteeship

BERLIN:

The German government has placed the German units of Russia's Rosneft under a trusteeship, the economy ministry said on Saturday, as Berlin seeks to establish long-term control over the German assets of the Russian oil group.

The assets, which include a stake in the PCK Schwedt refinery, were placed in the German government's trusteeship in 2022 after Moscow's invasion of Ukraine shook Germany's decades-long energy ties with Russia.

However, that trusteeship has to be renewed every six months on grounds of preserving energy security, creating uncertainty mainly over the PCK Schwedt refinery, which supplies most of the fuel to Berlin. In its attempt to find a structural solution, the latest move puts Rosneft Deutschland (RDG) and RN Refining & Marketing (RNRM) under the control of Germany's Bundesnetzagentur energy regulator, said the ministry.