Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether she has made an assessment of the sanction compliance of LetterOne’s recent acquisition of a 15 per cent stake in Harbour Energy.

The UK’s financial sanctions regime is overseen by HM Treasury’s Office for Financial Sanctions Implementation (OFSI). OFSI’s position regarding the ownership and control status of LetterOne is that the entity is not subject to UK financial sanctions.

In relation to wider control of Harbour Energy, following consideration under the National Security and Investment Act 2021, the Chancellor of the Duchy of Lancaster allowed the proposed acquisition of 46.5% of Harbour Energy Plc by BASF Handels- und Export GmbH to proceed, subject to necessary and proportionate measures to address national security concerns. Details can be found in the Final Order published by the Cabinet Office on 30th July on gov.uk. The Government cannot comment on detail of national security assessments.