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Thursday, March 30, 2006

Russian court rules against Yukos

ISN SECURITY WATCH (Thursday, 30 March: 15.10 CET) - The company that was once Russia's largest producer of oil has been banned from selling any of its foreign assets without permission.

Radio Free Europe (RFE) reports that Moscow's Arbitration Court has ruled that the management of Yukos oil can not sell of its assets abroad without obtaining consent from bankruptcy supervisors.

Yukos was the brainchild of Mikhail Khodorovsky, who is now serving eight years in a Siberian prison for fraud and tax evasion. In its heyday, the company produced 20 per cent of the country's oil.

It is currently facing a lawsuit after defaulting on a loan worth alomst US$ 500 million.

RFE says she company is reportedly negotiating with Lithuania to sell its controlling stake in Mazeikiu Nafta oil company.
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