Related Articles
Forward article link
Share PDF with colleagues

Rosneft vs Sistema brings echoes of Yukos affair

For long-term investors in Russia, the nightmare unfolding for the privately held conglomerate Sistema gives them a distinct sense of déjà-vu

Anyone who remembers the dismemberment of Yukos and the capture of its assets more than a decade ago will be feeling the same. Rosneft, again, is at the centre. Assets belonging to Sistema and its ultimate controlling shareholder Vladimir Yevtushenkov are being stripped from the group one by one, while the company has shed R150bn ($2.5bn) in market value since litigation against it began. Russian courts have seized a 32% stake in the mobile operator MTS as well as 90% stake in Bashkir Power Grid Company and 100% of Medsi Group, a national healthcare chain, in a $3bn lawsuit filed by Kremlin-controlled oil producer Rosneft. Today, stocks also dropped 3% on news the court has kept its assets

Comments

Comments

{{ error }}
{{ comment.comment.Name }} • {{ comment.timeAgo }}
{{ comment.comment.Text }}
Also in this section
European chemicals sector rises to climate challenge
1 December 2021
Industry responds to EU’s ‘Fit for 55’ package with new business models and alliances with other sectors, says PwC’s global head of chemicals
Energy transitions for a sustainable future
1 December 2021
The challenge of meeting global energy demand while hitting net-zero targets will be at the core of this year’s World Petroleum Congress
Indian government seeks energy investors
1 December 2021
Delhi is looking to the Mideast for energy investment, oil ministry secretary Tarun Kapoor tells Petroleum Economist
Sign Up For Our Newsletter
Project Data
Maps
PE Store
Social Links
Social Feeds
Featured Video