YUKOS hit by new court ruling

It could be the end game for Russian oil firm YUKOS. A Moscow court has ruled that the state-owned oil producer Rosneft can seize YUKOS’ remaining key production and refining assets. Tim Osbourne, who heads the main YUKOS shareholders’ group, Menatap, said that could be imminent.

He added: “It’s certain the Russian government will find a way to take over what’s left of YUKOS. It was always a question of how and when, rather than whether (they would).” The Moscow Arbitration Court ruling is the outcome of a case brought by Rosneft, which is run by Russian President Vladimir Putin’s deputy chief of staff.

YUKOS claims its dismemberment is Putin’s punishment for the political ambitions of the oil firm’s main owners, Mikhail Khodorkovsky and Platon Lebedev.

They will learn the verdict in their fraud trial in a week’s time.