September 15, 2009 / 6:59 PM / 10 years ago

Yukos Capital seeks U.S. court order on Rosneft

NEW YORK, Sept 15 (Reuters) - YUKOS Capital, a former affiliate of bankrupted Russian oil giant YUKOS, asked a U.S. court to confirm a 13 billion rouble ($421 million) arbitration award against state-run OAO Rosneft Oil Company (ROSN.MM).

The complaint dated Sept. 14 in U.S. District Court in Manhattan asked the court to enforce four separate arbitration awards by a Russian tribunal in Moscow in 2006. The ruling was overturned by Russia’s Supreme Arbitration Court.

But a Dutch appeals court on April 29 this year ordered Rosneft to pay 13 billion roubles, or $389.3 million at that day’s exchange rate. [ID:nLT733686]

The awards were against Rosneft’s predecessor company, Yuganskneftegaz, representing money owed to Luxembourg-based YUKOS Capital under four loan agreements.

Russia’s Kommersant daily reported in April that the awards were the first success in a foreign court for former YUKOS managers seeking redress after the state bankrupted the oil company for tax debts and sold off its assets.

Former YUKOS owner Mikhail Khodorkovsky was jailed for eight years for tax evasion and fraud in what his defence described as politically motivated charges.

The case is Yukos Capital SARL v OJSC Oil Company Rosneft 09-7905 in U.S. District Court for the Southern District of New York (Manhattan) (Reporting by Grant McCool; Editing Bernard Orr)

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