Russian state-owned oil company Rosneft is the owner of at least 31 Luxembourg-based entities. Photo: Vladimirkarp/Shutterstock

Russian state-owned oil company Rosneft is the owner of at least 31 Luxembourg-based entities. Photo: Vladimirkarp/Shutterstock

Russian state-owned conglomerates Rosneft and Gazprom maintain links to at least 75 entities in Europe and the UK, of which nearly half are in Luxembourg, according to publicly available information compiled by anonymous sources and housed on an online .

At least 36 entities registered in Luxembourg belong to either Rosneft or Gazprom, according to the data. After Luxembourg, Cyprus hosts the most businesses with Rosneft and Gazprom links, with 26, followed by the Netherlands (four), Germany (three), Ireland (two), Switzerland (two) and the UK (two).

“It’s critical now to freeze assets of these companies to disable transfer of money to Russia,” said a source close to the Luxembourg database, called Stop Russian Capital.

Rosneft, which is subject to EU restrictions on loan and debt financing and on 15 March faces a transaction ban, has 31 entities registered in Luxembourg, including holding company Rosneft Holdings but also various private limited liability companies.

Gazprom Group has five entities registered in Luxembourg, including GazAsia Capital S.A., and Bank GPB International S.A. The Russian state-owned company faces the same restrictions as Rosneft.

Both Rosneft and Gazprom hold the top two spots as Russia’s largest state-controlled companies in terms of revenue.

On 15 March, the EU adopted its fourth package of sanctions against Russia. “This includes all investments, technology transfers, financial services, etcetera for energy exploration and production,” president of the European Commission Ursula Von Der Leyen said in a statement on 11 March.

Last week, Delano published an naming the 12 oligarchs in the Forbes 2021 list of top 40 Russian billionaires with entities in Luxembourg. The Luxembourg regulator CSSF has been contacted for comment on the action it may be taking on these Luxembourg-registered entities. Rosneft and Gazprom have been contacted for comment.

The five Luxembourg-registered Gazprom Group entities are: Gazprom Neft International S. A., Bank GPB International S. A., Gaz Capital S.A., GazAsia Capital S.A. and GBP Finance S. a. r. l.

The 31 Luxembourg-registered Rosneft entities are: Rosneft JV Projects S. A., Tuapsemorneftegaz Holding S. a. r. l., Barentsmorneftegaz S. a. r. l., Karmorneftegaz S. a. r. l., Shatshmorneftegaz S. a. r. l., Perseymorneftegaz S. a. r. l., Fedynskmorneftegaz S. a. r. l., Anismorneftegaz S. a. r. l., Magadanmorneftegaz S. a. r. l., Trizneft Pilot S. a. r. l., Lisyanskmorneftegaz S. a. r. l.,  Olmorneftegaz Holding S. a. r. l., Sevchukmorneftegaz S. a. r. l., Rosneft Holdings Ltd S. A., Lenmorneftegaz S. a. r. l., Centrchukmornefetegaz S. a. r. l., Yuzhchukmorneftegaz S. a. r. l., Sevkamorneftegaz S. a. r. l., Rosneft Global Trade S. A., Yuzchukmorneftegaz Holding S. a. r. l., Rosneft Latin America S. a. r. l., Techno S. A., Anismorneftegaz Holding S. a. r. l., Olmorneftegaz S. a. r. l., Sevchukmorneftegaz Holding S. a. r. l., Karmoneftegaz Holding S. a. r. l., Centrchukmorneftegaz Holding S. a. r. l., Lenmorneftegaz Holding S. a. r. l., and Tuapsemorneftegaz S. a. r. l.

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