UK Grants Sanctions Exemption to Rosneft Subsidiaries
(MENAFN) The UK has granted a sanctions waiver to two subsidiaries of Russia's state-owned energy giant Rosneft, which are based in Germany.
These subsidiaries have been nationalized by the German government, allowing companies and financial institutions to maintain business relations with them, as confirmed by the UK Office of Financial Sanctions Implementation (OFSI).
Last week, the UK broadened its energy-related sanctions against Russia's largest oil producers, Rosneft and Lukoil, targeting their international affiliates.
The newly implemented measures include asset freezes and restrictions on services and transportation related to these companies. Both Rosneft and Lukoil were already facing sector-specific sanctions before this latest update.
On Wednesday, the UK government announced that it would permit business dealings with Rosneft Deutschland and RN Refining & Marketing.
This decision was made in light of the fact that these subsidiaries have been placed under German state control until March 2026.
The German government took over control of these companies soon after the escalation of the Ukraine conflict in February 2022.
This arrangement, referred to as a trusteeship, is reviewed and renewed every six months, with Germany's Federal Network Agency managing Rosneft’s assets within the country.
The oversight extends to Rosneft's holdings in major refineries, such as PCK Schwedt, MiRo, and Bayernoil.
Rosneft has criticized the transfer of its German subsidiaries into external management, labeling the move unlawful and a breach of basic market economy principles.
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