The German government confiscated the assets of the Russian “Rosneft” located in the country. This was announced by the German Ministry of Economy and Climate Protection (BMWK).

The statement notes that the federal government has transferred Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) to the trust management of the Federal Grid Agency on the basis of the Energy Security Law.

“Thus, the Federal Network Agency gains control over Rosneft Deutschland, as well as over the corresponding shares in three oil refineries – PCK (Schwedt), MiRo (Karlsruhe) and Bayernoil (Voburg),” the document emphasizes.

According to BMWK, “Rosneft accounts for about 12% of all German refining capacity. The ministry explained the decision to introduce trust management by the fact that suppliers, insurance companies, banks and customers no longer want to work with Rosneft, including its refineries and subsidiaries RDG and RNRM.

The move is intended to counter the “looming threat to energy security” and safeguard the future of Schwedt, whose refinery is entirely dependent on Russian crude oil supplies via the Druzhba pipeline.