Sanctioned oligarchs take stake in largest UK oil firm

Published On Sep 3, 2024, 3:44 PM

Two sanctioned Russian oligarchs, Mikhail Fridman and Petr Aven, have acquired a nearly 15% stake in Harbour Energy, the UK's largest oil producer, through their investment company LetterOne. This acquisition was part of a deal to buy assets from a German firm, Wintershall DEA. Although LetterOne is not sanctioned and has no influence over Harbour Energy, concerns have been raised about the involvement of oligarchs in the UK energy sector, especially following government actions against their previous investments. Despite this controversy, LetterOne claims that their investment will enhance energy security and support job creation in the UK.