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