German Court Upholds Transfer Of Rosneft Assets To Trust Management - Statement

A German court said on Tuesday that it upheld the decision to transfer the assets of Russian oil giant Rosneft in Germany to trust management

BERLIN (UrduPoint News / Sputnik - 14th March, 2023) A German court said on Tuesday that it upheld the decision to transfer the assets of Russian oil giant Rosneft in Germany to trust management.

Earlier in the day, German news agency dpa reported that a court in Germany rejected Rosneft's lawsuit against the German government, supporting the transfer of its assets to trust management.

"The decree (of the German Economy Ministry) issued in September 2022 on the establishment of trust management in accordance with the Law on Energy Security over Rosneft Deutschland GmbH and Rosneft Refining and Marketing GmbH in Berlin is legal.

This decision was made today by the Federal Administrative Court in Leipzig," the statement said.

It is noted that the transfer of assets is "appropriate" and necessary to prevent the risk of supply disruption and "take timely measures to make the PCK refinery independent of Russian oil supplies."

Last September, the German government transferred Rosneft Deutschland and RN Refining & Marketing GmbH to the control of the German Federal Network Agency. Thus, it gained control over shares in three refineries. Rosneft has since been trying to challenge this decision.