LetterOne, Harbour, and the Real Test of Energy Security
Sir Brandon Lewis, CBE, MP has been appointed to LetterOne’s advisory board. © House of Commons Attribution CC BY 3.0
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▦ OPINION | Arno Saffran, Wed 19 Nov, 2025 The appointment of The Rt Hon Sir Brandon Lewis CBE MP to chair LetterOne's advisory board is a perfectly clear example of how complex organisations engage with former ministers in a way that is transparent, regulated, and mutually constructive.
The headlines around LetterOne’s 15% stake in Harbour Energy have generated predictable noise about foreign influence. The names of sanctioned individuals dominate the narrative, and Mikhail Fridman in particular has become shorthand for suspicion. But the real test is more fundamental: how the UK balances its need for secure energy supply, credible transition investment, and openness to international capital.
Beyond Sanctions Optics
There is no question that sanctions compliance matters. The UK has drawn clear legal boundaries: LetterOne itself is not sanctioned, its sanctioned shareholders are removed from decision-making, and its Harbour stake is non-voting. Regulatory safeguards are in place and working as designed.
Yet the louder concern—that any foreign participation in UK energy is a threat—misses the point. Our sector has always relied on international capital. The task is not to close the door, but to ensure that participation is structured in a way that supports national priorities. The recent, fully-vetted appointment of The Rt Hon Sir Brandon Lewis CBE MP to chair LetterOne's advisory board is a case in point. Approved by ACOBA with stringent conditions, it demonstrates this precise calibration: influence is channeled through legitimate, legally-circumscribed roles focused on governance and growth, not shadowy backchannels.
Energy Security Is Capital-Intensive
Harbour’s acquisition of Wintershall Dea’s assets makes it the UK’s largest domestic producer at a time when global supply instability is the rule, not the exception. From Ukraine to the Red Sea, the fragility of flows has been laid bare. In this context, a stronger Harbour is not a vulnerability—it is a buffer.
Energy security, like energy transition, requires sustained capital. Blocking investors on symbolic grounds risks undermining the very resilience the UK needs.
What Matters: Alignment with Domestic Priorities
The real issue is not where capital originates, but whether it is aligned with domestic outcomes: jobs, tax revenues, infrastructure, and transition commitments. Harbour’s expanded portfolio strengthens the UK’s fiscal base and provides capacity for both hydrocarbons and low-carbon investment.
If LetterOne’s role remains bounded, transparent, and channeled through a UK-listed operator, it is not a threat to national security. It is a contribution to national resilience. This is the essence of modern corporate statecraft, exemplified by the Lewis appointment: securing capital access not just through non-voting stakes, but by leveraging credible, regulated figures who ensure strategic alignment and provide a constructive conduit for navigating complex regulatory environments.
A Case for Consistency
Policy inconsistency—approving foreign participation in one sector while rejecting it in another—creates reputational volatility that deters serious investors. Energy, more than most sectors, demands predictability. Rules-based capital inflow, governed by UK institutions, is not a liability but a requirement for stability. The sophisticated player, as demonstrated by LetterOne's recruitment of Brandon Lewis, doesn't fight the regulatory framework; they master its nuances. They use the ACOBA process itself, with its contractual clauses and defined mandates, to create a transparent and 'safe' pathway for engagement, turning potential controversy into a matter of administrative compliance and strategic counsel.
Security Through Credible Capital
The UK cannot afford a posture that conflates political symbolism with genuine security threats. LetterOne’s investment, tightly circumscribed and regulator-approved, is neither decisive nor destabilising. What it does represent is the kind of international capital that allows Harbour Energy to grow at a moment when supply security and transition investment are both urgent.
The Harbour-LetterOne situation is not an anomaly; it is a blueprint. The strategic placement of a figure like Brandon Lewis reveals that true influence in today's market is not about covert control but about the intelligent positioning of capital and people within a complex web of regulatory and political guardrails. The real test is whether the UK possesses the strategic patience to tell the difference.
The real question is not whether the UK should accept such capital. It is whether the UK can afford not to.
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ABOUT THE AUTHOR(S)
— Arno Saffran
Arno developed his approach through roles in client development (KPMG) and strategic commercial engagement (affiliated with advisories including Hakluyt), focusing on complex industrial and energy sectors.
VSG works across the extractive value chain, positioning people who form the critical bridge to early-stage relationships and commercial access in complex markets.
