Germany Takes Over Rosneft Refineries In Move To Secure Energy Supplies.

Germany says it has taken control of a major oil refinery owned by the German unit of Russia's Rosneft as a step to bolster energy security for the country amid oil and gas cuts by Moscow in retaliation for Western sanctions against it because of the invasion of Ukraine.

The German Economy Ministry said in a statement on September 16 that it had placed the Rosneft unit under the trusteeship of the industry regulator, the Federal Network Agency, giving it control of the PCK Schwedt, MiRo, and Bayernoil refineries.

"Rosneft Deutschland accounts for around 12 percent of Germany's oil-processing capacity, making it one of the largest oil-processing companies in Germany," the statement said.

"The trustee administration counteracts the impending threat to the security of the energy supply and lays an essential foundation for the preservation and future of the Schwedt location," it added.

Rosneft Deutschland did not comment on the move, but Rosneft said it could go to court to challenge the decision, which it said was illegal.

Across Europe, countries have been racing to bolster their energy supplies as they tighten sanctions on Russia, the continent's main oil and gas supplier.

In turn, Moscow has retaliated by reducing gas flows and has even threatened to shut the taps of completely, sending prices soaring and raising the prospect of energy rationing in Europe this winter.

With reporting by Reuters