Berlin has received assurances from Washington that new US sanctions targeting Russia’s oil sector will not apply to the German subsidiary of Rosneft, which is under trusteeship, a spokesman for Economics Minister Katherina Reiche said on Tuesday.
A letter outlining the assurances, known as a “comfort letter” has been issued as an interim solution, while the ministry works with the US authorities on more far-reaching and legally binding clarifications, which are expected soon, the spokesman added.
The Handelsblatt newspaper had reported, citing government sources, that a serious supply crisis could have ensued in the absence of US sanctions exemptions for Rosneft Deutschland.
As soon as the sanctions were announced, the banks handling transactions with and for PCK – a refinery 54%-owned by Rosneft’s German subsidiary – largely withdrew, according to Handelsblatt. This could have forced PCK to cease operations within weeks and file for insolvency.
The PCK Schwedt refinery, located some 90 kilometres north-east of Berlin near the Polish border, supplies large parts of north-eastern Germany, including the capital, with petrol, heating oil, kerosene and chemical products.
After Russia’s full-scale attack on Ukraine in February 2022, the German government placed Rosneft’s subsidiaries under trusteeship and took control of the business.
According to the US Treasury Department, the sanctions announced last Wednesday effectively prohibit any economic interaction with Rosneft, Lukoil and their subsidiaries – not only for US companies but also for foreign banks or business partners linked to the sanctioned entities.
Companies that are at least 50% owned by the sanctioned firms are automatically blocked.
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