01 May 2024,   14:14
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Germany seizes control of Rosneft oil refineries

The German government has taken control of three refineries owned by Russian oil company Rosneft, in an escalation of the energy war between Moscow and the west triggered by Russia’s invasion of Ukraine, writes The Financial Times.

Chancellor Olaf Scholz said his government had not taken the step lightly, but that “it was unavoidable”.

“We have known for a long time that Russia is no longer a reliable energy supplier”, - he said on Friday. “That’s why it’s important to do everything we can now to safeguard Germany’s energy supply.”

The move is part of efforts by the government to protect the German economy from the effects of an EU-wide embargo on Russian crude, which comes into effect on January 1 and is designed to deprive Russian president Vladimir Putin of revenues to fund the Ukraine war.

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