Berlin: The German Ministry of Economy announced Friday placing the German branch of the Russian oil company (Rosneft) under the guardianship of the Federal Energy Agency.
The ministry said in a statement that the decision of the guardianship, applied on three oil refining facilities, will enter into force immediately and will continue for six months.
It added that the Federal Energy Agency will manage and monitor Rosneft Deutschland, three affiliate refineries; PCK Schwedt, MiRo and Bayernoil.
The German government cited the need to ensure continued operations at the three oil refineries amid Berlin's resolve to cease oil imports from Russia by the end of the year and European sanctions over Moscow's invasion of Ukraine.
Before the Russian-Ukrainian crisis, Germany relied on Russian crude oil to cover nearly a third of its oil needs.