The final step in Rosneft quest to purchase 13% stake of Pirelli is complete following approval from the Italian government’s anti-monopoly committee.

Rosneft purchased its stake in the tiremaker through various banks for $670 million and agreed to take on 250 million euros of Pirelli’s debt, The Moscow Times reported.

According to the company’s financial reporting, Pirelli’s total outstanding debt amounted to 2.5 billion euros as of June 30. Rosneft is burdened with almost 1.5 trillion rubles ($44 billion) of debt, according to its first-half report.

Rosneft is Russia’s biggest oil producer. The company signed an agreement to buy stake in Pirelli earlier this year.

In addition to 13% stake in Pirelli, Rosneft also received three seats on the company’s board. Rosneft President Igor Sechin, who was blacklisted by the U.S. Treasury due to tensions in Ukraine, Vice President of Commerce and Logistics Didier Casimiro, and CFO Petr Lazarev will become members of Pirelli’s board.