Rosneft sells shares to Qatar and Glencore

Rosneft, 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.

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About Maya Lester QC

Maya Lester QC

Maya Lester QC is a senior barrister (Queen’s Counsel) at Brick Court Chambers with a wide-ranging practice in public law, European law, competition law, international law, human rights & civil liberties. She has a particular expertise in sanctions. The legal directories say she is the...

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