Pirelli says Rosneft presence does not violate U.S. Russia sanctions

MILAN Tue Aug 5, 2014 1:29pm EDT

The Pirelli logo is pictured at their headquarters in Milan March 18, 2014.  REUTERS/Alessandro Garofalo

The Pirelli logo is pictured at their headquarters in Milan March 18, 2014.

Credit: Reuters/Alessandro Garofalo

MILAN (Reuters) - The presence of oil giant Rosneft in the share capital of tyremaker Pirelli does not violate U.S. sanctions against Russia, Pirelli chief Marco Tronchetti Provera said on Tuesday.

Tronchetti Provera said a legal opinion from a top law firm on the issue had been received two days ago, saying Pirelli was not in violation of the U.S. Office of Foreign Assets Control on account of the presence of Rosneft or of its head Igor Sechin on the Pirelli board.

Rosneft has a stake in a company that controls Pirelli.

"We wanted to have a formal answer from an American law firm to make all our investors confident and comfortable," Tronchetti Provera said.

The U.S. Office of Foreign Assets Control administers trade sanctions for the U.S. Treasury.

(Reporting by Agnieszka Flak, writing by Stephen Jewkes)