OFAC license for Rosneft's German assets issued for term lasting until April 29, 2026
MOSCOW. Oct 29 (Interfax) - The U.S. Office of Foreign Assets Control (OFAC) has issued a license for operations with Rosneft's German assets for a term lasting until April 29, 2026, according to a statement from the agency.
All transactions involving Rosneft Deutschland GmbH (RN Germany) or RN Refining & Marketing GmbH (RN Refining & Marketing), or any entity in which RN Germany or RN Refining & Marketing own, directly or indirectly, individually or in the aggregate, a 50% or greater interest, are authorized through April 29, 2026.
The UK has also added Rosneft to its sanctions list, but issued a general license permitting transactions with Rosneft Deutschland GmbH, RN Refining & Marketing GmbH and their subsidiaries until October 22, 2027.
Germany extended trusteeship of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH for the sixth time in September: the Federal Ministry for Economic Affairs and Climate Action said trusteeship had been extended until March 10, 2026.
It said trusteeship had been extended to keep the affected refineries operating and maintain the security of fuel supplies.
The German government in September 2023 put Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) into trust management on the basis of an energy security law. The Federal Network Agency thereby gained control over a subsidiary of Rosneft and its stakes in three oil refineries: PCK Raffinerie (Schwedt), MiRo (Karlsruhe) and Bayernoil (Vohburg).
Rosneft Deutschland accounts for about 12% of German oil refining capacity and is one of the largest players in the local fuel market.
The German government said it did this to ensure undisrupted oil supplies to the country amid an unprecedented energy crisis due to the conflict in Ukraine. The sanctions imposed since the beginning of the conflict in Ukraine affected not only individual Russian companies, but also whole sectors: for example the EU introduced strict restrictions on oil imports from Russia.
Rosneft, which insists it has honored its commitments to supply crude to the refineries in full, tried to challenge the decision by the German government, which plans to sell these assets, but the court rejected its claim.
Rosneft is the third largest player on Germany's oil refining market, and it is a shareholder in three refineries (PCK - 54.17%, MiRO - 24%, Bayernoil - 28.57%) with total capacity of 12.8 million tonnes per year in ownership shares. Rosneft Deutschland GmbH is the operator.
