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Russian court approves settlement of Rosneft, Sistema dispute

Staff Writer | December 27, 2017
A Russian court approved a settlement between the Sistema conglomerate and Russia's largest oil producer Rosneft, ending their dispute over the Bashneft oil company, RIA news agency said.
Rosneft
Russia   Sistema agreed to pay $1.7 billion
The legal nod was the last step needed to seal the deal and draw a line under a confrontation that rattled investors.

Under the pact announced by the companies, Sistema agreed to pay Bashneft 100 billion roubles ($1.7 billion) by March 30, 2018.

Sistema, which groups the assets of Russian businessman Vladimir Yevtushenkov, was also allowed to access assets frozen during the dispute.

The group said on Tuesday bailiffs had lifted restrictions on its access to dividends from its 31.76-percent-stake in MTS, Russia's largest mobile operator.

Blocks on other assets would be released gradually as Sistema made the payment in three instalments, Interfax news agency said.

The payments of 20 billion, 40 billion and 40 billion roubles were due on Dec. 29, Feb. 28, and March 30, Interfax news agency cited the judge as saying.


 

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