UK Government Criticized Over Russian Oligarchs' Stake in Harbour Energy

The UK government is facing backlash after allowing LetterOne, an investment company partly owned by sanctioned Russian oligarchs Mikhail Fridman and Petr Aven, to acquire nearly 15% of Harbour Energy, the UK's largest North Sea oil producer. Critics argue that the involvement of sanctioned individuals in critical national assets poses significant risks to UK energy security, especially as Fridman and Aven's stakes were frozen following sanctions imposed after Russia's invasion of Ukraine in 2022. Although LetterOne will not have voting rights in Harbour Energy, it is set to earn dividends from the company's profits, raising concerns about compliance with international sanctions. The deal was cleared under the National Security and Investment Act, which previously forced LetterOne to divest from other UK interests due to security concerns. Critics, including former MPs and environmental advocates, have called for stricter scrutiny of such investments, highlighting the contradiction in allowing oligarchs to hold stakes in significant UK industries.