Support The Moscow Times!

Yukos Capital Wins in Court Dispute With Rosneft Subsidiary

The Federal Court of New York has ruled in favor of Luxembourg-based Yukos Capital, which is seeking to enforce an earlier decision handed down by the International Court of Arbitration to recover more than 3 billion rubles ($91 million) lent to Rosneft subsidiary Samaraneftegaz, Vedomosti reported Friday.

The dispute originated over a 2.4 billion ruble loan granted to by Yukos Capital in 2004. Samaraneftegaz was Yukos's subsidiary until 2007 and currently is part of state oil giant Rosneft.

In 2006, Yukos Capital filed a suit against Samaraneftegaz at the International Court of Arbitration acting under the auspices of the International Chamber of Commerce, which in August of 2007 ruled to repay the Luxembourg-based company the full amount of the loan, as well as 665 million rubles of accrued interest and $719,000 of court fees and legal expenses.

Yukos Capital has been unsuccessfully trying to enforce that decision in Russian arbitration courts since 2010.

(MT)

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.