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Russian Firm Threatens To Stop Yukos River Exports

16 August 2004 -- One of Russia's leading river-transport companies threatened today to halt Yukos oil shipments, citing concerns about the future of Yukos.

Volgotanker Vice President Andrei Kleimenov said Yukos had paid his company for shipping oil along the Volga River only until the end of August.

Kleimenov said given the oil company's current financial problems Volgotanker was concerned that Yukos may not be able to pay for shipments in September. The company said it was not willing to work on credit for Yukos. Volgotanker ships about 12 percent of Yukos' oil.

The news comes as Yukos Chairman Viktor Gerashchenko said today he did not expect Yukos to have any problems producing, refining, and selling oil until the end of September.

However, in an interview published in the "Financial Times" today, Yukos Chief Financial Officer Bruce Misamore said the company may file for bankruptcy within days.