Herbert Smith Freehills has advised China’s Silk Road Fund in acquiring a 9.9 percent stake in Russia’s Yamal liquid natural gas (LNG) project for 12.09 billion euros ($1.2 billion) from independent gas producer Novatek, which tapped Baker Botts for legal counsel.

This is the first oil and gas M&A transaction for the Silk Road Fund, which was set up in November 2014 by the Chinese government  to finance the country’s “One Belt, One Road” development plan.

The deal, which was completed earlier this month, gives Novatek, Russia’s largest natural gas producer, 50.1 percent of Yamal, which is due to start producing liquefied natural gas in 2017. France's Total, and Beijing-headquartered China National Petroleum Corporation (CNPC) will retain 20 percent each.

The HSF deal team was led by Beijing partner Monica Sun and Moscow-based partner Danila Logofet.

The $27 billion Yamal LNG project has been struggling to raise funds due to international sanctions against Russia over the crisis in Ukraine.