Russian Oil Giant mulls plans for £600m London Listing

Russian oligarch Vladimir Evtushenkov is planning to float one of Russia’s biggest energy groups he controls in London, it has emerged.

Evtushenkov is reported to haven held meetings with investment banks to raise up to $1bn (£630m) in the coming months by listing his flagship firm Bashneft.

According to Sky News, Bashneft is planning to issue financial instruments known as global depositary receipts (GDRs) in the UK. GDRs are traded as domestic shares, but are offered for sale globally through various bank branches.

The oligarch also runs Russian conglomerate Sistema which operates businesses in the retail, IT and telecoms, media and banking sectors. Former cabinet minister Lord Mandelson was appointed to the board of the company earlier this year.