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    City A.M.: UK Fails to Stop RWE Dea North Sea Oil Sale to Russian Billionaire Mikhail Fridman

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Summary

Under threat of legal action, City A.M. reports, the UK government has apparently been prevented from blocking the sale of 12 fields to Russian oligarch Fridman

by: Erica Mills

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City A.M.: UK Fails to Stop RWE Dea North Sea Oil Sale to Russian Billionaire Mikhail Fridman

The UK government could face legal action if it attempts to interfere with a Russian billionaire’s bid for several North Sea energy assets.

An investment vehicle called Letter One, which is owned by Russian tycoon Mikhail Fridman, is buying German oil company RWE Dea in a €5.1bn (£3.7bn) deal expected to be closed today.

RWE Dea owns 12 active oil and gas fields in the North Sea, as well as assets in Norway, Germany and Egypt. The UK government is worried about the consequences if sanctions on Russia – imposed due to conflict in Ukraine – are tightened and end up affecting Fridman’s businesses.

Read the full article HERE.

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