German Chancellor Friedrich Merz said he’s optimistic that the US will exempt Rosneft PJSC’s German unit from Washington’s latest sanctions against Russia.
“We will discuss this with the Americans,” Merz told reporters at a European Union summit in Brussels on Thursday. “I assume that a corresponding exemption for Rosneft will be granted.”
The chancellor added that it was actually unclear whether the German business, Rosneft Deutschland, “even needs” an exemption, as the penalties say Rosneft must own at least 50 percent of the business. “It is 50 percent,” he said.
There are concerns that Rosneft’s German unit may be cut off from key customers without a US sanctions exemption, Bloomberg reported earlier. Oil traders, banks and oil companies have already threatened to end relationships with the company.
Merz welcomed the latest US sanctions against Russia on Thursday as an indication of President Donald Trump’s determination to pressure Russia into ending its war against Ukraine.
The new US sanctions give customers until Nov. 21 to withdraw from “any entity” that’s more than 50 percent-owned by the penalized Russian firms.
While Germany put Rosneft’s local assets under a temporary trusteeship after Russia invaded Ukraine in 2022, it stopped short of nationalizing the business. That means Berlin will likely have to negotiate a carve out from the latest restrictions.
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