Germany seizes control of 3 Russian-owned oil refineries ahead of looming EU deadline

The German government has seized control of a Russian oil subsidiary amid a larger policy package to ensure oil supply ahead of the European Union oil embargo deadline.

The PCK refinery in Schwedt.  (Annette Riedl/picture alliance via Getty Images) Flues of the PCK refinery in Schwedt reach for the sky.  (Annette Riedl/picture alliance via Getty Images) In this photo illustration, the Russian multinational oil and gas company, Rosneft logo is displayed on a smartphone screen.  (Budrul Chukrut/SOPA Images/LightRocket via Getty Images)

German’s Economy Ministry said Friday the companies will be put under the control of the Federal Network Agency. The ministry also said the agency will assume control of the companies’ shares in three refineries: PCK Schwedt, MiRo and Bayernoil.

The ministry said the acquisition will last for six months.