US lifts sanctions on Rosneft's German subsidiary
Illustrative photo: Rosneft's assets in Germany have been exempted from US sanctions (Getty Images)
German Economy Minister Katherina Reiche stated that the United States government has exempted Rosneft's German assets from sanctions, as they are not under Russian control, Reuters reports.
According to Reiche, on Monday, October 27, the United States issued a Letter of Comfort confirming that Rosneft's operations in Germany are fully separated from the parent company in Russia.
Germany had approached the United States for clarification after the administration of US President Donald Trump imposed sanctions on Russian oil giants Rosneft and Lukoil.
According to Berlin's statement, the refineries placed under German trusteeship since 2022 are "decoupled" from the parent group, while remaining vital for the country's fuel supply.
These assets include the PCK refinery in Schwedt, in which Rosneft holds a 54.17% stake. The facility accounts for more than 12% of Germany’s fuel refining capacity.
US sanctions
On October 22, the United States imposed tough sanctions on Russian oil companies Rosneft and Lukoil. The US Department of the Treasury explained that the decision was made due to Russian President Vladimir Putin's refusal to agree to peace in Ukraine.
The sanctions prohibit transactions with the sanctioned companies and all their subsidiaries.
Later, German Chancellor Friedrich Merz said he expected an exemption from the new US sanctions for Rosneft's operations in Germany, which are currently under state control.
