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Russian Tax Authorities Give Yukos Another, Larger Bill

3 September 2004 -- Russia's tax authorities have given Yukos another bill for back taxes that is higher than the oil company expected.

The Tax Ministry said in a statement today that Yukos owes $4.2 billion in taxes for operations in 2001. That amount is in addition to $3.4 billion in taxes allegedly owed for 2000.

The ministry said Yukos made "fictitious" arrangements to trade its oil through companies that were registered in Russian regions where taxes were low.

Yukos said yesterday that it may be forced to halt oil production because a Moscow court has granted a prosecutor's request to seize $2.6 billion in the company's bank accounts.