Germany takes steps to ensure energy security, will control Russian oil companies

Germany will control three Russian-owned refineries to tackle the energy crisis. Germany has taken this step to ensure energy security before sanctions on Russian oil come into force from next year. The finance ministry said that two subsidiaries of Russian oil company Rosneft - Rosneft Deutschland GmbH and RN Refining & Marketing GmbH - will be placed under the administration of Germany's Federal Network Agency.

Germany to control Russian oil companies

After this announcement, Germany's Federal Network Agency will also control shares of companies in refineries PCK Schwedt, MiRo and Bayernoil located in different parts of the country. German Chancellor Olaf Scholz said: "This is a far-reaching energy policy decision that will save our country." We know that we cannot rely on Russia for oil supplies. He is not a reliable supplier.'

Germany's Benefit

"With today's decision, we will ensure that Germany continues to supply oil in the medium and long term," Scholz said. He said this is especially true for the Schwedt refinery. Let us tell you that this decision will benefit most of the Northeast region of Germany including Berlin. The finance ministry said Rosneft owns about 12% of Germany's oil refinery capacity, which imports several hundred million euros (dollars) of oil each month. 

Steps taken for energy security

The ministry said the move will help ensure continuous energy supply. Rosneft previously said that Druzhba would not stop oil imports via the pipeline, which runs from Russia via Ukraine to refineries in Central Europe, despite the EU sanctions being in place until January 1, 2023.