Tuesday, August 10, 2010

Rosneft Pays $400 mln to Yukos Capital Sarl

Russian state-run oil company Rosneft complied with the judgment of a Dutch court enforcing an arbitral award in favor of Yukos Capital Sarl (Luxembourg) and transferred about $400 mln to a Yukos Capital bank account. In 2004, Yukos Capital granted a number of large loans to various YUKOS subsidiaries in Russia experiencing financial difficulties after the authorities’ attack on YUKOS. Later the subsidiaries were taken over by Rosneft, which refused to repay the loans. A Russian arbitration tribunal found for Yukos Capital, but Russian courts found the award invalid on procedural grounds. However, a Dutch court enforced the award and a British court blocked Rosneft’s assets to enforce the Dutch judgment. Facing a possible deadlock of all Russian oil exports, Rosneft was forced to comply.


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