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Germany Tightens Control Over Industry With Russian Oil Grab

  • Takeover of Rosneft unit marks escalation of standoff
  • Berlin aims to secure operations of key refinery in Schwedt
Bloomberg business news
WATCH: Germany has seized the local unit of Russian oil major Rosneft. Todd Gillespie reports.Source: Bloomberg
Updated on

Germany seized the local unit of Russian oil major Rosneft PJSC as Berlin moves to take sweeping control of its energy industry, secure supplies and sever decades of deep dependence on Moscow for fuel. 

Alongside its move for the Rosneft unit, Chancellor Olaf Scholz’s administration is in advanced talks to take over Uniper SE and two other major gas importers, Bloomberg reported on Thursday. Germany is pressing ahead with an historic overhaul of its economy just two and half years after the Covid-19 pandemic, grabbing control over a huge chunk of its industrial base to prevent shortages and blackouts this winter.