Energy
US Sets April Deadline for Germany to Sort Local Rosneft Assets
An oil refinery operated by PCK Raffinerie GmbH, a subsidiary of Rosneft Oil Co., in Schwedt, Germany.
Photographer: Krisztian Bocsi/BloombergThe US will exempt the German unit of Rosneft PJSC from sanctions against the Russian oil major for six months, easing short-term supply risks while putting the onus on Berlin to sort out ownership issues.
The Treasury’s Office of Foreign Assets Control on Wednesday issued a general license that runs through April 29, 2026. The German Rosneft assets — which Berlin seized following Russia’s invasion of Ukraine in 2022 and has kept under trusteeship ever since — have been the subject of intense diplomatic talks in recent days after banks and customers threatened to cut off ties as sanctions were imposed against the parent company.