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Monday, 08 September, 2008, 18:20 GMT | more prices >>

Court blocks Russneft shares grab



By Upstream staff 

A Moscow court refused to back the seizure of shares in mid-sized oil company Russneft, owned by businessman Mikhail Gutseriyev, after reviewing documents submitted by investigators, a spokeswoman said today.

"The court refused to grant this motion," spokeswoman Anna Usacheva told reporters.

Interfax news agency earlier said the court had ordered the seizure of property owned by Gutseriyev, Russneft's ex-president, who stepped down late last month blaming state pressure, but later withdrew the report, Reuters reported.

Russneft's spokesman declined to comment.

Gutseriyev, whose wealth is estimated by US magazine Forbes at around 3 billion dollars, said late last month Russneft was the target of unprecedented bullying and that he would cede control to billionaire Oleg Deripaska.

Deripaska, who is considered a close ally of President Vladimir Putin, owns Russia's largest aluminium producer, Rusal, and other metal assets.

Some have compared state pressure on Russneft to an earlier campaign by the Kremlin to dismantle oil giant Yukos. Its founder, Mikhail Khodorkovsky, is now serving an eight-year jail term, which could soon be extended.

Russneft produces 300,000 barrels of oil per day, has two refineries and recoverable oil reserves of 4.6 billion barrels.


Monday, 06 August, 2007, 13:52 GMT  | last updated: Monday, 06 August, 2007, 16:32 GMT

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