Roseneft Oil

The federal government has again appointed the Federal Network Agency as trustee for Rosneft Deutschland and RN Refining & Marketing on a new legal basis. The agency will take control of Rosneft’s stakes in the PCK Schwedt, MiRo Karlsruhe and Bayernoil Vohburg refineries. The measure is intended primarily to secure the supply of petroleum products to Berlin and Brandenburg and to protect the Schwedt site. The arrangement is based on an amendment to the Foreign Trade and Payments Act following the EU sanctions package against Russia and continues the trusteeship in place since 2022. » Altro su stern.de

The US Treasury Department has issued a waiver allowing business with Rosneft Deutschland and RN Refining & Marketing until the end of April 2026. Companies that are at least 50% owned by those two entities are also temporarily exempt. Rosneft Deutschland includes the PCK refinery in Schwedt, which is held in trust by the federal government and may continue to be supplied, even though the US sanctions generally prohibit economic interactions with Rosneft and Lukoil. » Altro su finanzen.net

The federal government says U.S. authorities have assured that the new U.S. sanctions do not target the German subsidiaries of Rosneft held in trust; a provisional "Comfort Letter" is in place. The Economy Ministry is working with U.S. authorities on legally secure clarifications. Without the exemption, banks would have halted their business with PCK and the Schwedt refinery might have had to stop operations and file for insolvency. British measures are also not expected to affect the German Rosneft subsidiaries, as they are decoupled from the Russian parent. » Altro su finanzen.net