On Friday, the European Commission approved a new trusteeship structure that establishes long-term control by Berlin over the German assets of the Russian oil group Rosneft. This is part of an effort to find a structural solution for the business. This was reported by Reuters, writes UNN.
Details
The assets, which include stakes in the PCK Schwedt, MiRo, and Bayernoil refineries, were placed under the trusteeship of the German government in 2022 following Russia's invasion of Ukraine, which shook Germany's long-standing energy ties with Russia.
The trusteeship must be extended every six months to ensure energy security, which regularly creates uncertainty, especially regarding the PCK Schwedt refinery, which supplies most of the fuel to Berlin. The current trusteeship expires on March 10.
"The transaction, which the Commission reviewed under merger control rules, concerns a new indefinite trusteeship over Rosneft's German subsidiaries under national law," a Commission spokesperson said. "Under the new trusteeship, the shareholders of Rosneft's German subsidiaries are deprived of voting rights for the duration of the trusteeship."
Friday's decision effectively removes one regulatory barrier to keeping PCK Schwedt operational under German control, while most of the shares remain owned by Rosneft – a carefully crafted structure aimed at avoiding expropriation and potential lawsuits.
However, this does not resolve the issue of US sanctions against Rosneft as part of Washington's efforts to limit Russia's energy sector, with Berlin having received an exemption for PCK Schwedt last year, which expires on April 29.
Last month, the plant's management privately warned Berlin that US sanctions were harming its business and threatening fuel supplies to the capital and the region, according to correspondence seen by Reuters.
Recall
In October 2025, the US set a six-month deadline for Germany to resolve the issue of ownership of the German assets of the Russian oil company Rosneft, against which the Donald Trump administration imposed sanctions.