The UK's Department of Energy and Climate Change (DECC) released a statement today stepping up the pressure on Mr Fridman's company LetterOne to sell the interests in the area, following the $5.4 billion (£3.62 billion) acquisition of the oil and gas arm of international company RWE. The ministry said in a statement:
"The Secretary of State Ed Davey […] proposes to revoke DEA UK's North Sea petroleum licenses unless LetterOne arranges for a further change of control of the DEA UK gas fields in the North Sea."
Britain's energy secretary Ed Davey said despite the three-month deadline to sell off the assets, it may be extended to six months. The decision comes amid an ongoing dispute between LetterOne and UK government officials, who spoke out against Fridman's potential purchase of gas field assets in British waters.
The government has opposed the Russian's ownership of North Sea assets, arguing that it was concerned possible further sanctions against Russia could be implemented, which would then potentially impact on the UK's energy production.
Ed #Davey tells #Fridman he has 6 months to sell a dozen North Sea assets or have licence revoked: https://t.co/GBrWBtTB96
— Andrew Trotman (@TeleTrotman) April 20, 2015
Some analysts have seen the decision, which comes less than three weeks out from the UK general election, as another step in Britain's heavy criticism of Russia for the ongoing crisis in Ukraine.
LetterOne has not yet been available for comment.
