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Evgeny Arbuzov commented on the disclosure of information about the sale of a 19.5 percent stake in Rosneft

On Monday, an official representative of the Intesa Sanpaolo Bank said that the bank’s participation in financing the privatization deal involving 19.5 percent of the shares of Rosneft is still in the consideration phase. On Friday, the Financial Times wrote that regulators in Rome will check whether Intesa Sanpaolo’s participation in the financing of the transaction complies with the sanctions against Russia. The CEO of Intesa, Carlo Messina, explained that Intesa is a consultant of Rosneftegas and the seller of the Rosneft shares, and the sanctions do not apply to it.

On 10 December, Rosneft published a statement about the successful completion of the transaction. Until now Rosneft, Rosneftegas, and the new shareholders have not reported the new distribution of Rosneft shares.

Evgeny Arbuzov, a partner at the ART DE LEX law firm, said that information about the change of ownership of shares must be disclosed within two days after the closing of the transaction, but only the change of ownership has to be reported, not the structure of the agreement.