U.S. exempts two German Rosneft subsidiaries from sanctions
REUTERS/Sergei Karpukhin/File Photo
The U.S. Treasury Department issued a license on Oct. 29, temporarily allowing certain transactions involving two German subsidiaries of Rosneft, Russia’s state-owned oil company sanctioned by the United States on Oct. 22.
The document was published by the Treasury's Office of Foreign Assets Control (OFAC). The license authorizes transactions involving Rosneft Deutschland GmbH and RN Refining & Marketing GmbH.
“… all transactions prohibited by the Russian Harmful Foreign Activities Sanctions Regulations (RuHSR), involving Rosneft Deutschland GmbH (RN Germany) or RN Refining & Marketing GmbH (RN Refining & Marketing) …, are authorized through 12:01 a.m. eastern daylight time, April 29, 2026,” the document reads.
However, all other transactions involving any other sanctioned Rosneft entities are prohibited. Also banned are financial operations or contracts, directly or indirectly connected to other Rosneft assets or the Russian government.
The license was signed by OFAC Director Bradley T. Smith.
On Oct. 22, OFAC announced the new measures “due to Russia's lack of serious commitment to the peace process for ending the war in Ukraine.” The sanctions targeted Rosneft and Lukoil—Russia’s largest oil companies. U.S. Treasury Secretary Scott Bessent stated that the sanctions are a signal to the Kremlin that it is time to “stop the killing and for an immediate ceasefire.”
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