Russia Advances Plans to Break Up Yukos
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Russia moved ahead Friday with plans to break up the country&#39;s largest oil producer over unpaid back tax bills, announcing it would auction off a majority stake in the main production unit of oil giant OAO Yukos next month.
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LONDON Yukos, battling to avert bankruptcy, said on Wednesday that the Russian government might be considering ways to settle a $7.
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Russia&#39;s embattled Yukos oil giant raised the stakes in its bitter standoff with the Kremlin as the company slashed supplies to China in a move analysts said was designed to cause maximum embarrassment in Moscow.
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Russian oil major YUKOS said on Wednesday it had filed for bankruptcy protection in a U.S. court and would seek an order from the court to halt the Dec. 19 sale by the Russian state of its main oil unit.
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The protracted legal battle over Russian oil giant Yukos appeared to enter its final phase yesterday when the government set a date to auction off a majority stake in the company's richest energy fields and demanded another $6 billion in back taxes from a business already facing a crippling $14 billion bill for outstanding taxes and fines.
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The troubles of Yukos drive up the price
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MOSCOW: Russia has said it would go ahead and sell Yuganskneftegaz, the main oil production unit of YUKOS, despite a US bankruptcy court order that seeks to halt Sundayâs auction for at least 10 days.
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Russia's justice ministry announced plans to sell a part of the Yukos oil giant to cover the company's outstanding back taxes, officials said.
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MOSCOW  - A Russian court was to consider the beleaguered Yukos oil company's appeal on Tuesday to suspend government efforts to collect &#36;3.4 billion US (&#36;4.5 billion Cdn) in back taxes -a massive bill that has put Russia's largest oil producer on the verge of ruin.
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Russian officials demanded up to $10 billion in additional taxes from Yukos and its soon-to-be-sold main unit on Monday, pushing the debts of Russia&#39;s embattled No.
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MOSCOW - Russia is vowing to proceed with an auction of oil giant Yukos&#39; key production subsidiary, saying a US court ban is irrelevant.
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The Russian Government is going ahead with the sale of a large part of oil giant Yukos in order to recover an $18 billion tax debt.
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Russia appears ready to sell the main asset of Yukos, the country&#39;s embattled oil company, for $4 billion, a fraction of its worth, reports say.
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Russia&#39;s embattled oil giant Yukos raised the white flag and said it would seek &quot;liquidation or bankruptcy&quot; after the forced government sale of its key oilfield next month, the company said yesterday.
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Russia's embattled Yukos oil giant raised the stakes in its bitter standoff with the Kremlin as the company slashed supplies to China in a move analysts said was designed to cause maximum embarrassment in Moscow.
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MOSCOW Russia&#39;s Justice Ministry will sell off some of the assets of a subsidiary of the oil giant Yukos. That&#39;s according to a statement carried by the Interfax news agency.
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Russia said on Friday it would go ahead  with an auction to sell the key asset of embattled oil company  YUKOS despite a U.S. bankruptcy court decision to block it for  several days.