As of: February 8, 2024, 3:35 p.m
By: Bona Hyun
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So far, the federal government has managed Rosneft's shares in the oil refinery in Schwedt.
Now Russia is commenting on the plans of Economics Minister Robert Habeck.
Update from February 8th, 3:13 p.m.:
Russia has left open the possibility of retaliation in the event of an expropriation of the oil company Rosneft in Germany.
Kremlin spokesman Dmitry Peskov said on Thursday (February 8) that no step would be ruled out to defend Russian interests when asked whether German assets in Russia could be confiscated in return.
“This is nothing other than the expropriation of foreign property, these are all steps that are likely to undermine the economic and legal foundations of European states,” Kremlin spokesman Peskov railed against the plans to nationalize Rosneft.
Such actions devalued Germany's attractiveness as an investment location.
This was reported by the
Interfax news agency.
Rosneft Germany had previously announced that it would not accept a possible expropriation.
The Berlin law firm Malmendier Legal, which represents Rosneft, also said on Thursday: “Such an expropriation would represent a measure that would remain unprecedented in the history of the Federal Republic of Germany and would forever damage investment security.
Rosneft, as a listed joint stock company, will take all measures to protect the rights of its shareholders.”
First report from February 8th, 1:45 p.m.:
Berlin - Robert Habeck (Greens) is probably serious: The Federal Ministry of Economics is apparently close to the decision to expropriate the Russian energy company Rosneft.
According to the government, a decision must be made by the beginning of March at the latest.
This is reported by
Business Insider
.
The dispute between the federal government and Rosneft is likely to enter the next round.
Specifically, it is about Rosneft's shares in the Brandenburg PCK oil refinery in Schwedt, which is important for Germany's oil supply.
Habeck apparently wants to expropriate the Russian energy company Rosneft
Rosneft formally still holds 54 percent of the refinery's shares, but cannot freely dispose of these shares.
Other shareholders are Shell with 37 percent and ENI with eight percent.
In September 2022, a good six months after Russia's attack on Ukraine, the Ministry of Economic Affairs placed the companies Rosneft Deutschland and RN Refining & Marketing under trust management of the Federal Network Agency and thus effectively took control.
The federal government broke new legal ground when it took over trust management of the German subsidiaries of the Russian Rosneft group.
Habeck is apparently planning to expropriate Rosneft of its shares in the Brandenburg PCK oil refinery in Schwedt, which is important for Germany's oil supply.
© Alexander Zemlianichenko/dpa/Sina Schuldt/dpa (montage)
Rosneft sued the Federal Administrative Court.
In addition, the company has also filed a constitutional complaint with the Federal Constitutional Court against the trust administration, as the Berlin law firm Malmendier Legal announced.
However, the Federal Administrative Court in Leipzig dismissed the lawsuit brought by the Russian oil company Rosneft against the trust management of its two German subsidiaries.
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Habeck welcomed the ruling at the time.
“This is good news for the security of supply and the future of PCK Schwedt,” explained Habeck.
“Security of supply is the top priority and therefore guides action.
Ensuring them was and is the purpose of trust administration.”
Immediately after the Federal Administrative Court's ruling, the Federal Ministry of Economics announced an extension of the trust solution.
In September 2023, the federal government again extended the trust administration over the majority owners of the PCK oil refinery.
The PCK is therefore initially under federal control until March 24, 2024.
Russian energy company under pressure since the Ukraine war – Habeck's ministry intervenes
The background to the trust administration is the impending danger to German security of supply.
According to
rbb24,
this was seen as an essential argument for constitutional trusteeship.
After all, the refinery plays a central role in the supply of fuel in northeast Germany and the Berlin area.
In addition, according to the
tagesschau
, around 3,000 jobs depend on it.
Another decisive factor is that Germany promised, in the wake of EU sanctions over the Ukraine war, that from January 1st.
January 2023 to stop using Russian crude oil.
But that is exactly what the Rosneft subsidiaries imported and processed.
According to the Federal Ministry of Economics, they held twelve percent of the crude oil processing capacity in Germany through investments in three refineries.
Introduction of Putin's oil even after the Ukraine war - Habeck nationalizes Rosneft subsidiaries
According to the Ministry of Economic Affairs, due to the sanctions against Russian companies, numerous business partners such as suppliers, IT companies, banks and insurers were no longer willing to work with Rosneft.
This made it questionable whether the business would have continued to function without nationalization, reports
focus.de.
In addition, the companies had made no effort to look for alternatives to the Russian oil that had previously supplied the refinery.
During the hearing before the court, the two former Rosneft managing directors largely denied these problems.
(bohy)