Thursday, September 17, 2009

Yukos Sues Rosneft in U.S.

Yukos Capital S.a.r.l. (Luxembourg), controlled by the former management of defunct Russian oil giant Yukos, has filed an application in U.S. federal court (Southern District of New York, No. 09-7905-AKH) to enforce an arbitral award for 13 billion rubles ($419 m.) and a confirming Dutch court judgment against the Russian state oil company Rosneft. The case arose from Rosneft's failure to repay a loan to a Yukos subsidiary that Rosneft acquired in the Yukos bankruptcy. Before confirmation by the Dutch court, a Russian court had refused to confirm the award, which was rendered by the International Commercial Arbitration Court at the Russian Chamber of Commerce and Industry. Yukos Capital is represented in the New York action by Gibson Dunn & Crutcher LLP.

http://www.kommersant.ru/doc.aspx?DocsID=1238824

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