After an unsuccessful investment in oil, Russian tycoon Mikhail Fridman is now set to pour in $16 billion into telecom businesses in Europe and the US. The switch to telecom comes weeks after Fridman’s spat with the British government, which suspected his LetterOne Energy to be a front for Russian prez Vladimir Putin. Fridman then gave up the dozen North Sea fields he had bought and set up LetterOne Technology, which will pick up traditional telecoms who may need money, along with companies that make apps. It remains to be seen if Fridman can pull this off without ruffling a few British feathers.