Russia Appeals $50 bln International Damage Edict
Russia on Tuesday began its appeal in the Netherlands against an international arbitration order that Moscow pay $50 billion in damages to shareholders in the defunct Russian oil giant Yukos. Most of Yukos' assets were acquired by Russia's state-owned oil producer Rosneft after Yukos was declared bankrupt and its founder Mikhail Khodorkovsky was imprisoned. Once Russia's richest man…
Russia Examines Brussels' Seizure of State Assets
The Kremlin said on Thursday it was carefully examining a reported Belgian move to seize Russian state property in Belgium to cover a court settlement compensating shareholders in the now defunct oil company Yukos. Russia's Interfax news agency said a Belgian arbitration court had ruled in favour of a group of former shareholders about seizing Russian state property worth 1.65 billion euros ($1.9 billion) in Belgium.
Russia to Seize Bashneft Shares
Russia moved to seize shares in Bashneft from a billionaire businessman on Thursday over what a court said was the oil producer's "improper privatisation", deepening investors' fears that the Kremlin wants to reclaim prized assets. Moscow's Arbitration Court ruled in favour of prosecutors, who argued that Bashneft was unlawfully privatised in the early 2000s and subsequently sold to conglomerate Sistema in 2009…
Russia to appeal EU Yukos Edict
Russia will appeal against a decision by Europe's top human rights court to award shareholders in Yukos 1.9 billion euros ($2.42 billion) by the end of this month, RIA news agency quoted Justice Minister Alexander Konovalov as saying on Thursday. In July, the European Court of Human Rights found that Russia had failed to "strike a fair balance" in its treatment of Yukos…
Russia Moves to Take Sistema
Sistema's main owner is under house arrest; faces charges over acquisition of Bashneft. Investors fear more state intervention in economy. Russia moved to wrest control of an oil company from oligarch Vladimir Yevtushenkov on Friday, seizing his conglomerate Sistema's shares in the firm and deepening investors' fears the Kremlin wants to reclaim prized state assets.
Russian Oil Giant Has No Sanction Worries
While most Russian oil tycoons and Kremlin energy officials are calculating billions of losses that could result from Western sanctions, one of them is counting his blessings. Vladimir Bogdanov's Surgutneftegas has no Western debts, no foreign partners on its huge Siberian fields and uses no Western drilling technology, making it virtually immune to sanctions imposed on Russia to try and persuade it to change course over Ukraine.
Ex-Yukos CFO Pleased with ECHR Damage Ruling
Bruce Misamore, former chief executive officer of now-defunct Russian oil producer Yukos, said on Thursday he was "very pleased" with a decision from Europe's top human rights court to award shareholders with 1.9 billion euros in damages. The Strasbourg-based European Court for Human Rights (ECHR)found that Russia had failed to "strike a fair balance" in its treatment of Yukos…
Nevzlin Unlikely to Leave Yukos Fight
Nevzlin was partner with Khodorkovsky in Yukos; has said he will fight if Russia resists paying $50 bln claim. Former Yukos executive and top shareholder Leonid Nevzlin will face an uphill struggle getting any of the money he lost when the Russian oil giant was seized and nationalised after falling foul of the Kremlin. But based on past performance during the around 10 years the case has played out, the 54-year-old will not give up.
Ruling in Yukos Suit Expected Monday
A group of shareholders in Yukos expect a ruling on Monday in a $100-billion claim against Moscow for expropriating the defunct Russian oil company that was controlled by Mikhail Khodorkovsky, once Russia's richest man, the GML shareholder group fighting the action said. Khodorkovsky, who is not fighting the action, was arrested at gunpoint in 2003 and convicted of theft and tax evasion in 2005.
