Headlines
Britain issues sanctions exemption for Rosneft's German subsidiaries
Published by Global Banking and Finance Review
Posted on October 22, 2025
1 min readLast updated: January 21, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on October 22, 2025
1 min readLast updated: January 21, 2026
The UK has granted a sanctions exemption for Rosneft's German subsidiaries, allowing business operations under German state control until March.
LONDON (Reuters) -Britain on Wednesday issued a special licence allowing businesses to work with two German subsidiaries of sanctioned Russian oil giant Rosneft, as they are under German state control.
Last week Britain announced fresh sanctions against Rosneft and Lukoil, Russia's two largest oil firms, accusing them of helping fund the Kremlin's invasion of Ukraine.
On Wednesday, Britain said it was permitting firms and banks to continue working with Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, which are under German state control until March next year.
Berlin took over the refineries to safeguard energy supplies after Russia's invasion through a legal arrangement called a "trusteeship," which has to be renewed every six months.
Germany first imposed the trusteeship in September 2022, shortly after Russia's full-scale invasion.
The trusteeship allows the German government to manage Rosneft's stakes in key refineries - including PCK Schwedt, MiRo and Bayernoil.
(Reporting by Sam Tabahriti in London, additional reporting by Vera Eckert in Frankfurt; Editing by Kate Holton)
Rosneft is a Russian multinational oil and gas company, known as one of the largest producers of oil in the world. It plays a significant role in the global energy market.
A subsidiary is a company that is completely or partially owned and wholly controlled by another company, known as the parent company. Subsidiaries operate independently but are subject to the parent company's control.
Energy supply refers to the provision of energy resources, such as oil, gas, and electricity, to consumers and businesses. It is crucial for economic stability and growth.
Explore more articles in the Headlines category
