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Yukos Asks U.S. Court To Reconsider Case

26 February 2005 -- Russia's Yukos has asked a U.S. bankruptcy court to reconsider its dismissal of the oil company's bankruptcy case.

A U.S. judge in Houston ruled this week that U.S. courts had no jurisdiction in the case and that the case should be settled in a forum where Moscow would take part.

In its statement, Yukos argued that the decision by Judge Letitia Clark would hurt the company.

Yukos has claimed it is the victim of a Russian government-orchestrated campaign to destroy it and former owner Mikhail Khodorkovskii, who is facing a 10-year prison term for fraud and tax evasion.

The Russian government say Yukos owes some $27.5 billion in back taxes and said it will not abide by any rulings from U.S. courts on the issue.