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Yukos Threatens Legal Action Over Asset

21 December 2001 -- The Russian oil company Yukos is threatening to sue and seek damages from all persons or firms who participated in the sale of its main asset, the Yuganskneftegaz oil-producing unit.

Yukos said in a written statement released in Houston that Yuganskneftegaz remains its property under the petition for bankruptcy that the company recently filed in the United States.

The statement said Yukos will pursue financial recovery actions for more than $20 billion the company says it will lose if the sale of the unit is consummated.

Russian authorities, saying they are not bound by U.S. law, on 19 December auctioned Yuganskneftegaz for more than $9.3 billion to a virtually unknown Russian company named Baikalfinansgrup (Baikal Finance Group).

U.S. State Department spokesman Richard Boucher said yesterday that the Yukos case has eroded Russia's reputation as a place to do business.

The Russian government had ordered the sale to help repay a $27.5 billion back-tax bill the authorities say is owed by Yukos.

Supporters of the company say Yukos has been targeted for political reasons.


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Just Who Is Baikalfinansgrup?