Germany keeps managing Rosneft assets for another half year
Illustrative photo: Rosneft assets remain frozen in Germany (Getty Images)
The German government has extended its management of the assets of the Russian company Rosneft until March 10 next year, stated Germany’s Ministry of Economy, Reuters reports.
The asset management, which must be renewed every six months, was extended shortly before the next scheduled deadline this week.
Government control was imposed on Rosneft’s shares in the Schwedt, MiRo, and Bayernoil refineries back in September 2022, following Russia’s full-scale invasion of Ukraine. It was caused by Europe’s severed relations with a key supplier - Russia.
Berlin has so far avoided nationalizing the assets, maintaining de facto control through management while the legal ownership remains with the Russian company.
Rosneft attempted to sell its German assets, including 54.17% of the Schwedt refinery, but negotiations with potential buyers, including from Qatar, have so far yielded no results.
Freezing of Russian assets
European countries froze Russian sovereign assets after Russia launched a full-scale invasion of Ukraine.
However, European nations are still reluctant to confiscate them to use the proceeds for Ukraine’s reconstruction.
Belgium’s Foreign Minister, Maxime Prévot, stated that his country does not plan to confiscate revenues from frozen Russian assets and transfer these funds to aid Ukraine.
