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Escrow: Rosneft lawsuit: Federal court plans another day of hearing

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No end in sight: The Federal Administrative Court has been hearing the Rosneft lawsuit for three days so far, and now an additional day has been scheduled. Is there a judgment then?

There is still no end in sight to the legal dispute over the trusteeship of two German subsidiaries of the Russian oil company Rosneft. Rosneft has filed a lawsuit, which has so far been heard orally for three days at the Federal Administrative Court in Leipzig. On Wednesday, the court planned at least one additional day on Thursday. It remains to be seen whether a verdict will then be reached. The Federal Administrative Court has jurisdiction in the first and last instance.

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On Wednesday, witnesses were again questioned in detail. One of the former managing directors of the German Rosneft subsidiary and a representative of the Federal Ministry of Economics were asked about an imminent oil supply stop in Russia in the summer of 2022 and possible capital outflows.

The managing director, who has been released since the trust administration began in September, testified that the Russian parent company had not attempted to withdraw any money. Rosneft wanted to keep the German subsidiary and the associated PCK refinery in Schwedt, Brandenburg. “There was never a risk of uncontrolled cash outflows,” said the 53-year-old.

On the other hand, the representative of the Federal Ministry of Economics said that confidential information was received last August that Rosneft Russia is trying to massively withdraw capital from the German company. In addition, there were “clear indications” that a Russian oil supply freeze was to be expected. Against this background, the arrangement of the trust administration was the necessary step.

The two subsidiaries Rosneft Germany and RN Refining & Marketing are majority owners of the important PCK refinery. Last September they were placed under trusteeship by the Federal Network Agency. The federal government justified this step with an imminent threat to security of supply as a result of the Russian attack on Ukraine. Rosneft believes the trustee’s order to be unlawful

Source: Stern

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