LONDON (Reuters) -Britain on Wednesday issued a special licence allowing businesses to work with two German subsidiaries of sanctioned Russian oil giant Rosneft, as they are under German state control
UK Grants Sanctions Exemption for Rosneft's German Subsidiaries
LONDON (Reuters) -Britain on Wednesday issued a special licence allowing businesses to work with two German subsidiaries of sanctioned Russian oil giant Rosneft, as they are under German state control.
Last week Britain announced fresh sanctions against Rosneft and Lukoil, Russia's two largest oil firms, accusing them of helping fund the Kremlin's invasion of Ukraine.
On Wednesday, Britain said it was permitting firms and banks to continue working with Rosneft Deutschland GmbH and RN Refining & Marketing GmbH, which are under German state control until March next year.
Berlin took over the refineries to safeguard energy supplies after Russia's invasion through a legal arrangement called a "trusteeship," which has to be renewed every six months.
Germany first imposed the trusteeship in September 2022, shortly after Russia's full-scale invasion.
The trusteeship allows the German government to manage Rosneft's stakes in key refineries - including PCK Schwedt, MiRo and Bayernoil.
(Reporting by Sam Tabahriti in London, additional reporting by Vera Eckert in Frankfurt; Editing by Kate Holton)
