Only 16 months ago, the Russian billionaire Mikhail Fridman and his business partners happily sank $200 million into Uber. But now Fridman’s investment company, LetterOne, has pulled out of an even bigger U.S. investment to avoid resistance from an unexpected corner – the Trump administration. LetterOne’s L1 Energy unit recently walked away from a deal to buy Texas oil producer ExL Petroleum Management LLC for about $700 million over concerns the plan could be rebuffed by the Committee on Foreign Investment in the U.S., or CFIUS, the government panel that reviews deals for national security risks.
Bloomberg: Russians drop Texas oil bid, averting Trump security review
Mikhail Fridman, head of British-Russian oil venture TNK-BP speaks at a press conference in Moscow on June 16, 2008.
