Secretary of state, Ed Davey, moves over worries Russian group’s ownership could endanger UK oil and gas supplies if sanctions are extended in future
North sea oil licences acquired by a group of controversial Russian oligarchs are to be revoked by the British government unless the fields are immediately sold.
The LetterOne Group, which was founded by former TNK-BP directors Mikhail Fridman and German Khan, purchased the 12 fields from RWE’s oil and gas unit DEA last month. But the Department of Energy & Climate Change raised concerns that the new ownership could endanger the UK’s own oil and gas supplies should tougher sanctions be imposed against the Kremlin in future.