The Higher Administrative Court in Leipzig has recognized as legal the transfer of three oil refineries, which until recently belonged to Rosneft, to trust management. The management mandate ends on March 15 and will most likely be extended.
These are Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM), which were transferred to German government control in September last year. The Federal Network Agency has taken control of a subsidiary of Rosneft and its shares in three oil refineries: PCK Raffinerie (Schwedt), MiRo (Karlsruhe) and Bayernoil (Vogburg).
Previously, in order to protect its legitimate interests, the Russian firm turned to the services of the law firm Malmendier Legal. Rosneft is convinced that the transfer of ownership of the company to fiduciary management is illegal, since the Russian legal entity fulfills its obligations, regardless of the political situation.
Rosneft Deutschland occupied about 12% of the German refining market, rising to third place in the country in terms of fuel production. The European Union, after imposing sanctions on the Russian Federation, has in fact appropriated Russian assets, hiding behind the interests of critical service providers – banks, insurance companies and IT companies, which would not not interested in further cooperation with Rosneft.
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