Trending:

Germany seizes operations of Russian oil firm Rosneft's subsidiaries in the country

Germany on Friday seized subsidiaries of Russian oil firm Rosneft. Germany's economy ministry in a statement said that Rosneft's German subsidiaries were placed under the trusteeship of the Federal Network Agency.

TN World Desk

Updated Sep 17, 2022, 07:28 IST

The gas storage plant Reckrod is pictured near Eiterfeld, central Germany, Thursday, July 14, 2022.

Photo : AP

Berlin: Germany on Friday seized subsidiaries of Russian oil firm Rosneft, reported AFP. Berlin took control of the German operations of Rosneft to maintain its energy supplies during winters. Notably, the natural gas supply to several countries in Europe has been disrupted after Russia invaded Ukraine.

Germany's economy ministry in a statement said that Rosneft's German subsidiaries were placed under the trusteeship of the Federal Network Agency. The German operations of the Russian oil firm accounts for 12 percent of Berlin's energy needs. German Chancellor Olaf Scholz said that the action was inevitable and was taken for the protection of the interest of his country.

Notably, Germany is trying to reduce its dependency on Russia for the natural gas supply. The German federal government took control of the operations of Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) . The move also covered the corresponding stakes of these companies in three refineries - PCK Schwedt, MiRo and Bayernoil.

Also Read: Russia cuts off gas exports to Europe via Nord Stream indefinitely — Winter has come.

Meanwhile, Rosneft described the move as "illegal". The company termed it "a violation of all the basic principles of a market economy".PCK Schwed, which is located close to the Polish border, supplies 90 percent of the energy requirements of Berlin and the surrounding region.

Earlier this month, Moscow halted gas deliveries to Berlin via the Nord Stream pipeline for an indefinite period. Russian gas giant Gazprom had said that the pipeline would remain shut until the turbine was repaired. Russia is the biggest supplier of gas for Europe. Before Moscow's attacked Kyiv, it supplied at least 40 percent of Europe’s gas supplies.

Latest News