In a strategic response to heightened geopolitical tensions, the German government is actively considering the nationalisation of Rosneft’s German assets, a move that could reshape the energy landscape in the region. Two government sources revealed that Berlin is in the preparatory stages, focusing on Rosneft’s significant stake in the Schwedt refinery. This potential nationalisation follows the trusteeship imposed on Rosneft’s German assets in September 2022 in the aftermath of Russia’s invasion of Ukraine.
The German Economy Ministry, responsible for overseeing the trusteeship via the German network regulator, has been discreet about the unfolding developments. Recent reports suggest that Russia’s Rosneft Group has been formally engaged in a hearing regarding the matter, held on Monday. However, no final decision has been reached on whether to proceed with the nationalisation.
The hearing is a critical step in the formal procedure leading towards possible expropriation, aligning with the federal government’s compliance standards. Berlin had initially placed Rosneft’s German assets, including its majority stake in Berlin’s Schwedt refinery, under trusteeship. This trusteeship has been extended twice, with the most recent extension in September 2023. The government faces a crucial decision in March, marking the expiration of the current trusteeship.
As the tension-filled scenario unfolds, the fate of Rosneft’s German activities hangs in the balance, making it a pivotal moment for both nations involved. The outcome of this deliberation will undoubtedly reverberate across the energy sector and international relations.
