The German government is weighing whether to extend its control over the German assets of Russian oil producer Rosneft, as ongoing efforts to sell the business continue to stall. If approved, this would mark the sixth time that Berlin has extended the trusteeship—keeping the company’s operations under state supervision for even longer than originally anticipated.
Insiders familiar with the situation say that a decision is likely to come soon, though the process remains delicate. The assets in question are strategically significant, including major stakes in several refineries that play a crucial role in Germany’s energy supply.
Germany first placed Rosneft’s local operations under trusteeship in 2022, in response to Russia’s invasion of Ukraine and mounting pressure to reduce energy dependence on Moscow. The move was seen as both a national security measure and a way to ensure continuity of energy supply as Europe reshaped its energy landscape.
Since then, the government has been searching for a long-term solution—ideally, a buyer willing to take over the business. However, finding a buyer for Russian-linked energy assets in today’s geopolitical climate has proven to be far more complex than expected. Sanctions, political sensitivities, and market uncertainties have all made the process challenging.
While the trusteeship was initially intended as a temporary measure, repeated extensions have now turned it into a prolonged state intervention. Officials remain concerned about the risk of Rosneft regaining control of the assets, which could undermine Germany’s broader energy independence goals and security policies.
Extending the trusteeship again would allow Berlin more time to pursue an orderly transition—either through a sale, a restructuring, or a potential nationalization if other options fall through. It also signals that Germany is not willing to rush a deal that might pose long-term strategic risks.
The outcome of this decision will be closely watched, not only by energy investors and geopolitical analysts but also by European allies looking at how nations are managing Russian-linked assets post-invasion. Germany’s approach may serve as a precedent for other countries facing similar challenges with foreign-owned critical infrastructure.
A formal announcement could come in the next few weeks, depending on internal deliberations and ongoing legal and financial reviews.
