The Schwedt refinery
Russian firms exit Europe’s shrinking refining sector
Hampered by sanctions and ill will, Russian majors are departing Europe, but refiners’ focus was already moving east
Expropriations and sanctions are driving Russian oil companies out of Europe’s downstream. But despite significant bumps expected in the road ahead, it is probably for the best for both sides, experts say. The move fits with both Europe’s self-charted green course and Russia’s pivot to Asia. The trend started with Germany’s forced takeover of sanctioned Russian state oil giant Rosneft’s subsidiaries in the country in September 2022, including the latter’s shares in the Schwedt, Miro and Bayernoil refineries. Altogether, the units account for 12pc of Germany’s crude processing capability, or 250,000bl/d. More recently, the Italian government in January 2023 helped arrange the sale of Sicily’s
Also in this section
29 April 2026
The UAE’s exit from the alliance marks a decisive step towards a world in which oil markets are shaped less by collective management and more by national strategy
29 April 2026
Trafigura’s $1b prepayment agreement confirms African resource holders’ renewed interest in oil-backed financing deals as they look to capitalise on high oil prices
29 April 2026
The UAE’s departure from the oil producers’ group was a surprise to many, but the move can be traced back to a single point five years ago
28 April 2026
Oil traders warning of $200/bl oil are wrong, and the market should be wary of proclamations that the impact of the oil shortage has only begun to be felt and a that a ‘harsh adjustment’ is coming—even for industrialised nations
