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Thursday, July 13, 2006

Spanish, US investors take Russia to court over "damaged" Yukos investment

Image by MosNews11.07.2006 - MosNews - U.S. attorneys have begun arbitration proceedings in Spain against Russian authorities on behalf of Spanish investors who claim they were damaged by the forced sale of oil company Yukos to its rival, state-owned Rosneft Oil Company, the Financial Times reported on Tuesday, July 11. Thomas Johnson, a lawyer at Covington & Burling representing U.S. shareholders and an unnamed Spanish fund, said a bilateral investment treaty would require Russia to submit to compulsory arbitration in response to the claim by the Spanish investor. "The Russians have been told to expect extensive litigation," the FT quoted Johnson as saying. "The actions of the Russian Federatopm with respect to Yukos have cost foreign investors between $20 billion and $40 billion." As MosNews has reported, Rosneft is currently preparing for an IPO in London and Russia, which is set to take place on Friday, July 14. The IPO could value the group at up to $80 billion.

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