Rosneft: the transfer of assets under the control of Germany is an expropriation

MOSCOW, 16 Sep — PRIME. The transfer of Rosneft’s German assets to the control of the German regulator was not unexpected, this decision is illegal and, in fact, is an expropriation of property under conditions deliberately created by EU sanctions and the actions of German and Polish regulators, the Russian company said.

“The decision of the Federal Government of Germany to transfer the company’s German assets to the external management of the Federal Grid Agency, unfortunately, is not unexpected for us and is in the logic of the US-imposed algorithm of actions in relation to Russian enterprises in Germany,” Rosneft said in a statement.

“This decision is illegal and, in fact, is an expropriation of shareholding as a result of a situation deliberately created by the relevant EU sanctions and the actions of German and Polish regulators, the purpose of which was to seize assets,” the release adds.

Despite this, Rosneft is ready to discuss with Germany the parameters of a new oil supply contract subject to investment protection guarantees, the company said.

“In connection with the unilateral decision to change the head of the executive body and due to the occurrence of force majeure circumstances provided for by the current internal corporate contract between PJSC NK Rosneft and Rosneft Deutschland GmbH, the latter is subject to re-signing with a person authorized by the government of Germany. The company is ready to discuss the possible parameters of a new contract, subject to guarantees of payment for the supplied raw materials, protection of investments (in the interests of the company’s shareholders) and the legal rights of the personnel of the enterprises.

Earlier on Friday, the German Economy Ministry announced that Germany was transferring Rosneft’s subsidiaries Rosneft Deutschland and RN Refining & Marketing under the control of the Federal Network Agency. Christoph Morgen, partner of one of the law firms, has been appointed Managing Director of the assets of the Russian oil company.