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