US EditionUS excludes Rosneft Germany from Russia sanctions
The US aims to prevent disruptions in Germany's refining sector by proposing a six-month sanctions reprieve for Rosneft Deutschland amid unresolved ownership issues.
- On October 27, the US proposed a six-month reprieve from sanctions for Rosneft Deutschland, Bloomberg reported, weighing a one-off, non-renewable license to shield it temporarily from US restrictions.
- The German government seized Rosneft Deutschland's holdings after Russia's invasion and placed them under federal energy regulator trusteeship, with talks including the Qatar Investment Authority failing to find a buyer.
- Rosneft Deutschland owns stakes in three German refineries, including the PCK Schwedt plant near Berlin, which handles roughly 12 percent of Germany's refining capacity and includes a share in the Transalpine crude pipeline.
- The proposal would avert immediate disruption to Germany's refining sector but increases pressure on Berlin to find a long-term solution before Nov. 21, as oil traders and banks warn of losing key customers.
- The US waiver would be shorter than the two-year UK license last week, as the German government asserts the subsidiaries are decoupled and Britain provided an exemption.
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The subsidiaries of the energy company Rosneft, which is under trust management in Germany, are currently exempt from US sanctions against Russia. This was assured by the American authorities, a spokesman for the Federal Minister of Economics Reiche said.
The recent US sanctions against Rosneft are not aimed at German subsidiaries of the Russian oil giant, the German Ministry of Economy announced, which nevertheless wants "additional clarifications" from Washington about the future of fuel deliveries.
Germany Says Rosneft Subsidiaries Not Affected by U.S. Sanctions
U.S. sanctions targeting Rosneft will not affect the Russian oil giant's German subsidiaries, which were placed under state administration after Moscow invaded Ukraine, the German government told AFP on Tuesday.
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