Fiduciary management of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH
By order of the Federal Ministry for Economic Affairs and Climate Action (BMWK) (now the Federal Ministry for Economic Affairs and Energy – BMWE) on 16 September 2022, the Bundesnetzagentur was appointed fiduciary of Rosneft Deutschland GmbH (RDG) and RN Refining & Marketing GmbH (RNRM) on the basis of section 17(1) to (5) and (8) of the Energy Security of Supply Act (EnSiG).
The decision was prompted by the fact that contractual partners and even companies with stakes in RDG and RNRM were parting ways from them owing to the market uncertainties caused in particular by their close ties to Russia and the sanctions imposed on Russia. The settlement of remaining contractual arrangements was thus subject to considerable delays. The aim of the fiduciary management was also to prevent a refusal to provide operationally necessary services from hindering the business, especially with regard to critical operational processes.
The Federal Administrative Court (BVerwG), as the court of first and last instance, confirmed the legality of the order of fiduciary management in a ruling of 14 March 2023.
Judgment of the Federal Administrative Court of 14 March 2023 – BVerwG 8 A 2.22 (in German)
The fiduciary management was extended for an unlimited period of time by order of the BMWE on 27 February 2026, published on 28 February 2026, on the basis of section 6a of the Foreign Trade and Payments Act (AWG). The fiduciary management will remain in place for as long as the conditions for the order are met: in accordance with the AWG, an order is permissible if a company is prohibited from engaging in transactions on account of the EU sanctions against Russia (Article 5aa(1)(c) of Regulation (EU) No 833/2014) and as a result there is, for example, a potential risk of essential demand in Germany or parts of Germany not being met.
The Bundesnetzagentur has drawn up a Letter of Comfort to reduce possible market uncertainty on the part of business partners, banks, service providers and customers.
Archive
Bundesnetzagentur appoints managing director at Rosneft (6 January 2026)
Bundesnetzagentur appoints second CEO at Rosneft (14 August 2023)
Bundesnetzagentur appoints another CEO at Rosneft (21 September 2022)
The Bundesnetzagentur is fiduciary of Rosneft Deutschland GmbH and RN Refining & Marketing GmbH (16 September 2022)