Yukos wins rulings in its Rosneft battle

Managers of bankrupt oil giant OAO Yukos have won injunctions in U.S. and British courts seeking the seizure of property from Russian oil major OAO Rosneft—a sign that Yukos’s legal battle against the Russian state is far from over. The injunctions were part of efforts to enforce a ruling by a Dutch court last year that ordered Rosneft to repay a $389-million debt, plus interest and penalties, to Yukos Capital S.a.r.l. Rosneft took on the liability when it acquired Yukos’s oil-producing assets in a government auction in 2004.

Rosneft said that the decisions have had no effect on its operations and that it was continuing to meet its export commitments. It said it would appeal both rulings. But one person familiar with a company that trades with Rosneft said the courts’ actions were having an effect. “It’s made it more complicated to pay them for exports,” he said. A Yukos spokeswoman declined to comment.

The Yukos Capital cases are part of a slew of legal challenges being waged by Yukos, which was destroyed in a Kremlin campaign the company said was politically motivated. Russian authorities have consistently denied this charge.