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Oligarch Mikhail Fridman in row over North Sea deal Russian oligarch buys North Sea oil and gas assets
(about 17 hours later)
The UK government has said it will block the sale of 12 North Sea oil and gas fields to a Russian oligarch. German energy company RWE has closed the sale of 12 North Sea oil and gas fields to a Russian oligarch.
The Department of Energy said it opposed the deal "in its current form". The deal went through despite objections from the UK government.
The North Sea assets are owned by German company RWE Dea, which is being sold to a group backed by Russian billionaire Mikhail Fridman. On Saturday the Department of Energy said it opposed the deal "in its current form" and expressed concern about "possible future sanctions" on Mr Fridman and his LetterOne fund.
There are fears that the deal could run counter to sanctions imposed over the crisis in Ukraine, since Mr Fridman is a potential target for such measures. There are fears that the deal could run counter to sanctions imposed over the crisis in Ukraine.
The Department of Energy said in a statement it had concerns about the effect of "possible future sanctions" on Mr Fridman and his LetterOne fund. "We are delighted to have completed the acquisition of Dea," said Mikhail Fridman, chairman of LetterOne.
In response, German power firm RWE, which owns RWE Dea, said the €5bn (£3.6bn) deal to sell its subsidiary to LetterOne would go ahead as planned on Monday. "We are convinced that the current macroeconomic environment and the low oil price, give us an opportunity to achieve our ambition."
A report in the Financial Times said Mr Fridman had threatened legal action against the UK government over its attempts to block the acquisition. A report in the Financial Times said Mr Fridman had threatened legal action against the UK government if it attempted to block the acquisition.
As part of the deal, LetterOne is creating a new subsidiary, L1 Energy, to be run by former BP chief executive Lord Browne.As part of the deal, LetterOne is creating a new subsidiary, L1 Energy, to be run by former BP chief executive Lord Browne.
"The sale of RWE Dea demonstrates that even in difficult conditions, we continue to realize our plans. Both parties negotiated good value for money, and RWE can now focus fully on its core business," said RWE AG's chief executive Peter Terium.