The Guardian | Revealed: UK oil refinery owner moved Russian loans to offshore subsidiary where sanctions did not apply by Rob Davies, Atika Rehman, Jess Staufenberg and Marcus Leroux

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Essar Energy, the Indian‑owned parent of the Stanlow refinery in Cheshire, shifted billions of pounds of Russian‑sourced loans from a Cyprus‑based entity to a subsidiary in the tax‑haven of Mauritius after the 2022 Russian invasion of Ukraine, a move that allowed the loans from Kremlin‑controlled VTB to remain outside the reach of Western sanctions. Although Essar asserts that the transaction complied with UK, EU and other sanctions law on the advice of a leading law firm, sanctions experts and forensic accountants say the restructuring raises “red‑flag” concerns of possible sanctions circumvention, pointing to new rouble exposure and an apparent “enhancement” of the VTB debt. The transfer was approved by Cypriot authorities, but both Cyprus and Mauritius are now examining whether Essar violated EU sanctions regulations, and MPs—including the chair of the Business Select Committee—are urging UK officials to launch an investigation into the company’s continued financial ties with VTB, which they describe as “Putin’s piggy bank.”

Read more: https://www.theguardian.com/business/2026/apr/24/revealed-uk-oil-refinery-owner-moved-russian-loans-to-offshore-subsidiary-where-sanctions-did-not-apply

#EssarEnergy #Stanlowrefinery #VTB #SourceMaterial #LiamByrne #Cyprus #Mauritius #EU #UK #banking #business #Europe #oil #russia #vladimirputin

AI generated summary, Read the full article for complete information.

Revealed: UK oil refinery owner moved Russian loans to offshore subsidiary where sanctions did not apply

MPs call for investigation into Essar Energy, owner of Stanlow refinery, which shifted loans from ‘Putin’s piggy bank’ VTB to Mauritius

The Guardian
Revealed: UK oil refinery owner moved Russian loans to offshore subsidiary where sanctions did not apply

MPs call for investigation into Essar Energy, owner of Stanlow refinery, which shifted loans from ‘Putin’s piggy bank’ VTB to Mauritius

The Guardian
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