German Greens call for nationalization of Rosneft’s German subsidiary
The German parliamentary group Alliance 90/The Greens is pressing Chancellor Friedrich Merz’s government to expropriate Rosneft Deutschland, the German subsidiary of Russian oil giant Rosneft, as part of intensified sanctions against Russia, Spiegel reported on June 11.
A month ago, Merz, alongside leaders from France, Poland, and the UK, issued a 30-day ultimatum in Kyiv, demanding Russia cease fire in Ukraine or face stricter sanctions.
With hostilities ongoing and no new German sanctions implemented, the Greens are calling for action.
“The German government must act and expropriate Rosneft Deutschland,” said Michael Kellner, the Greens’ energy policy spokesperson.
Rosneft owns a majority stake in the Schwedt refinery in Brandenburg and smaller shares in refineries in Baden-Württemberg and Bavaria.
Since 2022, Rosneft Deutschland has been under German government trusteeship due to energy security laws, but Rosneft remains the legal owner.
Kellner suggested that, if nationalized, any compensation Russia might demand should be frozen in a special account until the war in Ukraine ends.
“This would be solidarity with our European friends and a clear signal to [Vladimir] Putin,” he said, adding it would also secure jobs at the refineries.
The Greens also urged Merz to push the EU to include Rosneft asset seizures in the 18th sanctions package, which proposes lowering the Russian oil price cap from $60 to $45 per barrel, curbing Russian LNG imports, and targeting Russia’s shadow tanker fleet.
Rosneft reported a 2024 profit of over 1 trillion rubles ($12.64 billion) but saw a 57% profit drop to 170 billion rubles ($2.15 billion) in Q1 2025, with revenue down 12% to 2.28 trillion rubles ($28.8 billion). Operating cash flow of 365 billion rubles ($4.61 billion) fell short of capital expenditures of 403 billion rubles ($5.1 billion), leading to a cash flow deficit.
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