Germany to Tweak Local Rosneft Trusteeship to Avert US Sanctions
Rosneft Deutschland holds shares in three German refineries, including PCK Raffinerie GmbH’s Schwedt plant near Berlin.
Photographer: Krisztian Bocsi/BloombergGermany plans to tweak the system that controls the local assets of Rosneft PJSC to ensure it is complying with the tougher US sanctions imposed on the Russian oil company last month.
The government forwarded a draft law to both chambers of parliament “as a matter of particular urgency,” Chancellor Friedrich Merz wrote in a letter to the Bundestag’s president that was seen by Bloomberg. The proposal, which lawmakers will discuss in a public session of the energy committee on Dec. 17, would change the current trusteeship into a “public-law trust” under the nation’s Foreign Trade Act.