Support The Moscow Times!

Now is the time to support independent reporting from Russia!

Contribute Today

Russneft Stake a Good Buy

ST. PETERSBURG — AFK Sistema's 49 percent stake in Russneft, an indebted Russian oil producer, is valued at about $1.5 billion now, Sistema chairman Vladimir Yevtushenkov said Saturday at the St. Petersburg International Economic Forum.

The holding company said it bought the stake for not more than $100 million in April last year. Russneft may reduce its debt by $700 million to $5.3 billion by year-end, RIA-Novosti reported Friday, citing the oil company's founder and co-owner Mikhail Gutseriyev.

Sistema may merge its stakes in Russneft and larger oil producer Bashneft after Russneft's debt is cut to $4 billion, Sistema president Mikhail Shamolin said June 16. That may take about 2 1/2 years, he said.


Read more

Russia media is under attack.

At least 10 independent media outlets have been blocked or closed down over their coverage of the war in Ukraine.

The Moscow Times needs your help more than ever as we cover this devastating invasion and its sweeping impacts on Russian society.