U.S. proposes Germany a six-month window to temporarily exempt «Rosneft» assets from sanctions
Recent reports from Bloomberg indicate that the U.S.
administration is considering granting a limited temporary license to the German subsidiary of the Russian oil company «Rosneft», which would allow it to temporarily escape U.S.
sanctions on its assets.
The U.S.
offered Germany a six-month period to resolve ownership and future plans regarding these assets.
The German Ministry of Economy is planning to discuss this issue during the upcoming G7 energy and environment ministers’ meeting scheduled for this week.
Meanwhile, the German government seized «Rosneft» assets following Russia’s large-scale invasion of Ukraine in 2022, and since then, these assets have been under trust management, with ongoing negotiations concerning their fate.
An agreement with Russia regarding the potential sale of «Rosneft Deutschland» existed, but negotiations with the potential buyer—Qatar—fell through due to disagreements over the price.
«Rosneft Deutschland» owns shares in three German oil refineries, responsible for roughly 12% of the country’s processing capacity, making sanctions potentially painful for the German economy.
Germany aims to secure these assets before November 21, when U.S.
sanctions are set to take effect, highlighting the urgency of a swift resolution.