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YUKOS resume US court battle


YUKOS resume US court battle


It is back to court for the Russian oil company YUKOS as it fights for survival in its showdown with the Kremlin.In December, the embattled firm turned to the US legal system – specifically a bankruptcy court in Houston, Texas – to try to prevent the sale of key assets part of the Russian government massive tax claims against it.

The US judge ruled in favour of YUKOS, but the sale went ahead anyway. Yukos and its lawyers are now defending themselves against claims that is has no real assets in the US and so can’t justify the protection of the courts there.

The legal challenge comes from the Russian gas monopoly Gazprom which wanted to buy part of YUKOS in the government auction and from Deutsche Bank, which because of the court’s action was prevented from lending Gazprom money to do that. The YUKOS lawyers also hope the proceedings will reveal more about who exactly now controls its former assets which were bought by a previously unknown company, which was later acquired by state-run oil firm Rosneft, which in turn is being folded into Gazprom.
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