Financial TimesFinancial Times

Germany closes long energy chapter with Russia by turning on Rosneft

By David Sheppard and Guy Chazan

17 Sep 2022 · 4 min read

Editor's Note

Germany’s government announced the seizure of a Russian oil company’s stake in three refineries. This FT analysis shows how the step marks the end of a long era of German reliance on Russian energy.

In May 2017, Rosneft chief executive Igor Sechin came to Berlin to outline a five-year plan to double the Russian oil company’s investments in German refining to €600mn.

Cut to 2022 and Rosneft’s assets have been taken over by the German government. Sechin’s dream of downstream expansion into Europe’s largest oil products market is in ruins, a victim of the escalating energy war between Russia and the west.

Sign in to informed

  • Curated articles from premium publishers, ad-free
  • Concise Daily Briefs with quick-read summaries
  • Read, listen, save for later, or enjoy offline
  • Enjoy personalized content