Fallen Russian oil giant Yukos has launched a scathing attack on Rosneft, accusing it and the Russian government of engaging in illegal practices to gain control of Yuganskneftegas, the jewel of the Yukos business.
After years of uncertainly, Yukos was finally forced to file for bankruptcy in late 2004 after being dealt a killer blow in the form of a $9 billion tax bill by the Russian government.
However the company filed its bankruptcy in the US to avoid the loss of Yuganskneftegas and it believes the action taken by the state-run Rosneft is in violation of a stay issued by a US bankruptcy judge.
In a statement Yukos said: The Russian Federation chose to ignore the rule of law, both in Russia and internationally, by facilitating Rosneft’s illegal seizure of Yuganskneftegas.
The statement continued, Yukos has obtained a US Bankruptcy Court Order making clear that the sale of the Yuganskneftegas stock is a violation of the automatic stay in its Chapter 11 bankruptcy case. This is another step in the illegal conduct of the Russian authorities.
Yukos concluded by saying that it would pursue all legal opportunities to recover damages caused by the action.