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Russian court orders Sistema to pay Rosneft $2.3 bn in damages

In 2014, Russian govt claimed Bashneft's privatisation was illegal and seized Sistema's assets in it

Reuters  |  Moscow 

A Russian court ruled on Wednesday that conglomerate Sistema should pay more than 136 billion roubles ($2.3 billion) to oil major Rosneft in a dispute over oil producer Bashneft. Sistema controlled Bashneft until 2014 when the government seized its stake, saying Bashneft's privatisation had been illegal. Rosneft bought a controlling stake in Bashneft from the government in 2016 and in May filed the lawsuit seeking compensation from Sistema, saying assets were removed from Bashneft. Sistema has rejected these claims as groundless. The court battle has hit Sistema shares ...

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First Published: Wed, August 23 2017. 23:18 IST
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