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Thursday, April 30, 2009

Yukos Capital Wins Dutch Court Ruling

30 April 2009 - Bloomberg - Yukos Capital won a ruling in a Dutch court for a Rosneft unit to repay 13 billion rubles ($390 million) of loans that were granted before Russia seized and sold off Yukos Oil. The court ruled on Tuesday that four Russian court decisions in Yukos Capital's favor may be enforced in the Netherlands, the Amsterdam Court of Appeal said in a statement on its web site. Rosneft "disagrees" with the decision and plans to issue a statement Wednesday, said Nikolai Manvelov, a spokesman for the oil producer. Yukos Capital made the loans in 2004 to Yuganskneftegaz, Yukos Oil's largest production unit, the court said. Rosneft bought Yugansk in December of that year after it was auctioned off by the government to recover part of more than $30 billion in tax claims. Yukos Capital in September 2006 won Russian arbitration decisions to recover the debt from Yuganskneftegaz the month before the unit was merged into Rosneft, the court said.

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