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Another Yukos?

Rosneft acquired prized oil producer Bashneft, but now it's taking the previous owner to court. The case will have ramifications for capital markets

A $3bn lawsuit initiated by state-controlled Rosneft against the conglomerate Sistema over alleged asset-stripping has dismayed investors and risks undermining Russia's drive for investment. The claim covers alleged damage to oil producer Bashneft, which privately held Sistema owned until 2014, before the state reclaimed it and sold it to Rosneft. If Sistema loses, its owner Vladimir Yevtushenkov could be forced to raise debt or offload his best assets. The dispute has parallels with the dismemberment of Yukos, the oil giant owned by oligarch Mikhail Khodorkovsky. When Khodorkovsky was jailed for defying the Kremlin, Yukos was broken up. Its main assets ended up with Rosneft. Moscow-based

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