Russia's Rosneft Records $889 Million Loss Over German Seizures

Russia's oil giant Rosneft said on Wednesday its profit over the past nine months had been badly hit by the seizure of its refineries by Germany.

Rosneft said in a statement; "In 2022, the most significant negative impact on income came from the transfer of the company's assets in Germany.

"Thus which resulted in the recognition of an additional loss of 56 billion rubles (around $889 million)."

Rosneft chief executive Igor Sechin also said in the statement; "Between July and September, the company continued to be negatively affected by external factors and illegal restrictions, including the transfer of assets in Germany."

In September, Germany took control of Rosneft's German subsidiaries, which account for about 12% of the oil refining capacity in the country, and placed them under the trusteeship of the Federal Network Agency.

Germany has also pledged to end Russian oil imports by the end of the year, over sanctions that came with the Ukraine offensive.