Russian sanctioned oligarchs became shareholders of the largest oil company in Great Britain
Investment company LetterOne, which is partly owned by Russian billionaires Mikhail Fridman and Peter Aven, has acquired 15% of the shares of the largest oil producer in Great Britain – Harbor Energy. About this informs Air Force.
Under the terms of the agreement, LetterOne will have no voting rights in the management of the company, but will receive a share of the profits in the form of dividends. It is important to note that LetterOne itself is not under sanctions, although its major shareholders, Friedman and Aven, were sanctioned in March 2022 after the start of the Russian invasion of Ukraine.
Harbor Energy is the largest producer of oil and gas in British waters. Earlier, it bought the assets of the German company Wintershall DEA from the chemical giant BASF. LetterOne, as co-owner of Wintershall, received shares in Harbor Energy in exchange for its stake in the former company.
Despite the fact that 50% of LetterOne is controlled by Andrey Kosogov, against whom sanctions have not been applied, human rights organizations express concern. Louis Wilson from the organization Global Witness urged the British government to pay attention to this agreement, because he believes that the country should not allow the participation of companies associated with sanctioned oligarchs in strategic industries.
In response, LetterOne highlighted its long-term plans to invest in the UK energy sector, emphasizing the importance of strengthening energy security and creating jobs.
Let us remind you that LetterOne owns assets worth $18 billion worldwide, including health food retailer Holland and Barrett.
