Rosneft sells shares to Qatar and Glencore

rosneft-1Rosneft, a Russian oil company which is subject to restrictions on its access to financial markets pursuant to EU and US sanctions on Russia, has sold $11bn of its shares to Qatar’s sovereign wealth fund and to Glencore. Rosneft said the budget would receive 710.8 billion rubles from the sale, including 18.4 billion rubles in additional dividends from Rosneftegaz, and that Italy’s Intesa Sanpaolo is a major creditor for the deal.

 

White House press secretary Josh Earnest has said that the US Treasury will investigate whether the sale violates US sanctions; Russian officials have said it does not.

This entry was posted in Russia, USA by Maya Lester QC. Bookmark the permalink.

About Maya Lester QC

Maya Lester QC has a wide ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. As the most recent (2016) Chambers & Partners directory put it, she "owns the world of sanctions". She spent 2011-12 in New York at Columbia Law School lecturing and writing on sanctions. She represents and advises hundreds of companies and individuals before the European and English courts and has acted in most of the leading cases, including Kadi, Tay Za, Central Bank of Iran, NITC and IRISL.

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