Germany places Rosneft units under trusteeship to manage local assets

17:00

The German government has put the country’s units of Russian oil giant Rosneft under a trusteeship to secure long-term oversight of its local assets, the economy ministry announced on Saturday.

The move affects Rosneft Deutschland (RDG) and RN Refining & Marketing (RNRM), including a stake in the PCK Schwedt refinery, which supplies the majority of Berlin’s fuel. The assets were initially placed under German trusteeship in 2022, following Russia’s invasion of Ukraine, which disrupted longstanding energy relations between the two countries.

To ensure ongoing energy security, the trusteeship requires renewal every six months, creating uncertainty for refineries such as PCK Schwedt. Under the new arrangement, Germany’s energy regulator, Bundesnetzagentur, will oversee stakes in PCK Schwedt, MiRO Karlsruhe, and Bayernoil refineries.

The European Commission approved this updated trusteeship structure earlier this month, allowing Germany to maintain regulatory control while ensuring stable fuel supplies.