EU Approves German Control Over Rosneft Assets Amid Energy Tensions

The European Commission has approved Germany's acquisition of Rosneft's assets, placing them under indefinite trusteeship. This encompasses key stakes in oil refineries crucial to Berlin and Eastern Europe's fuel supply. The decision follows persistent tensions from Russia's actions in Ukraine impacting energy relations.

The European Commission has greenlit Germany's acquisition of Rosneft's German assets, effectively granting the German economy ministry sole control. This approval is seen as an indefinite extension of the existing trusteeship arrangement.

Rosneft did not provide any comment on the matter. The Russian entity's German division manages significant holdings, including the PCK oil refinery, a major supplier of Berlin's fuel. This refinery also services the Berlin airport and petrol stations throughout Eastern Germany. It further delivers key components for local chemical industries.

The assets became subject to German trusteeship in 2022, following the geopolitical impact of Russia's Ukraine invasion, which has since strained Germany's energy dependencies with Russia. The trusteeship has been consistently renewed biannually.

(With inputs from agencies.)