Former German Chancellor Gerhard Schroeder wants to step down as head of the supervisory board of Russian oil giant Rosneft, the company said.

Schroeder - who has come under increasing international pressure over his business ties with Russia since Moscow launched its invasion of Ukraine in February - has said it is impossible for him to extend his term on the board, Rosneft said, without elaborating.

The 78-year-old, who has long been the subject of fierce criticism in Germany over his ties to Russia, was stripped of his right to an office in the Bundestag this week and faces calls to be sanctioned by the European Parliament.

Schroeder was chairman of the Social Democratic Party from 1998 to 2005 and, after leaving office, continued to work for Russian energy giants Gazprom and Rosneft.

Germany closed Schroeder's office because of his closeness to Putin

Schroeder does not turn his back on his good friend even though his staff has resigned