Overview
- President Trump’s OFAC sanctions target Rosneft and Lukoil, with a ban on global transactions with their subsidiaries taking effect on November 21.
- The U.S. Treasury issued a general license allowing dealings with Rosneft Deutschland and RN Refining & Marketing until April 29, 2026.
- Germany’s preferred path is a permanent exemption, though officials are also assessing seizure, nationalization or a sale of Rosneft’s German businesses, Reuters reported.
- Rosneft Deutschland holds the majority of the PCK refinery in Schwedt and minority stakes in MiRo and Bayernoil, assets viewed as critical for eastern and southern fuel supply.
- Lukoil says it is preparing sales of foreign holdings, and analysts warn the measures threaten at least one-third of Russia’s oil exports as some Chinese buyers signal short-term pauses in tanker receipts.