Sanctioned oligarchs take stake in largest UK oil firm
www.bbc.com
Petr Aven and Mikhail Fridman become minority shareholders after Harbour Energy buys German firm.

Two sanctioned Russian oligarchs have become part-owners of the UK’s largest oil producer after it completed a deal to buy a German firm.

LetterOne, the investment company part-owned by oligarchs Mikhail Fridman and Petr Aven, now owns nearly 15% of Harbour Energy.

LetterOne itself is not sanctioned, and the two Russians have no contact with the firm and don’t receive any share of its profits.

Harbour Energy is the largest oil and gas producer in UK waters. It has bought most of the oil and gas production assets of a Germany-based firm, Wintershall DEA, from the chemicals giant BASF.

  • RubberDuckEnglish
    7•2 months ago

    Well, the profits that should have gone to the oligarchs is hopefully being deposited into the sanctioned money pot. Not that these companies save it up for the oligarchs so they can just have it paid out once the sanctions are lifted.

    I hope the sanctions laws include a passage that any future payouts based on earnings while under sanctions is illegal and anyone caught facilitating this will be jailed for no less than the sanctions period.