Rosneft’s German Units Remain Under Federal Trusteeship
The German government has reaffirmed its control over the German subsidiaries of the Russian oil company Rosneft. On 1 March 2026, the Ministry of Economics announced that the trusteeship, which was initially imposed in 2022, has been extended for an additional period. The Federal Network Agency (Bundesnetzagentur) continues to act as trustee for Rosneft Deutschland GmbH and RN Refining & Marketing GmbH. This arrangement applies to the company’s stakes in the PCK Schwedt refinery in Brandenburg and the MiRO refinery in the city of Mirosławice.
Legal Basis
The extension is supported by a new legal framework that allows the federal government to maintain oversight of Rosneft’s German operations due to the geopolitical risks associated with the Ukraine conflict. The trusteeship grants the Bundesnetzagentur authority over the management, financial reporting, and compliance of the affected units.
Operational Impact
While the operational structure of the refineries remains unchanged, the trusteeship imposes additional regulatory scrutiny. The German units are required to report their activities to the federal authorities on a regular basis, and any significant changes in ownership or strategic direction must receive approval from the trustee.
Market Context
The move comes amid heightened tensions in the Middle East, notably the recent U.S.–Israel strikes on Iran and the potential for a closure of the Strait of Hormuz. Although the direct impact on Rosneft’s German assets is limited, the broader geopolitical climate underscores the strategic importance of maintaining stable control over foreign‑owned energy infrastructure in Germany.
Company Profile
Rosneft Oil Co PJSC, listed on the Moscow Stock Exchange, specializes in the exploration, extraction, refining, and marketing of petroleum products across Russia, including Western Siberia, Sakhalin, the North Caucasus, and Arctic regions. As of 12 February 2026, its share price stood at 393.5 RUB, with a market capitalization of 3.74 trillion RUB. The company’s price‑to‑earnings ratio was 2.2, and its 52‑week high and low were 556.05 RUB and 362.6 RUB respectively.
The trusteeship’s continuation reflects Germany’s long‑term strategy to secure its energy assets and mitigate risks associated with foreign ownership amid an increasingly volatile international environment.
