MOSCOW/STRASBOURG, July 31 (Reuters) – Europe’s top human
rights court awarded shareholders in Yukos 1.9 billion euros
($2.6 billion) in damages on Thursday, a new blow to Russia days
after some of the former oil company’s shareholders won $50
billion in The Hague.
The Strasbourg-based court found that Russia had failed to
“strike a fair balance” in its treatment of Yukos, once run by
former oligarch Mikhail Khodorkovsky, and had forced the company
to pay excessive fees.
MOSCOW, July 30 (Reuters) – VTB, Russia’s second-largest
bank by assets, said it is ready to borrow in other
currencies and markets after sanctions imposed by the United
States thwarted its ability to access dollar financing, a move
it called “politically motivated” and “unjust”.
The United States on Tuesday imposed sanctions on VTB, Bank
of Moscow and Russian Agriculture Bank over Moscow’s support for
rebels in Ukraine, prohibiting U.S. citizens or companies from
dealing with debt carrying maturities longer than 90 days, or
with new equity.
MOSCOW/TEL AVIV, July 29 (Reuters) – Former Yukos executive
and top shareholder Leonid Nevzlin will face an uphill struggle
getting any of the money he lost when the Russian oil giant was
seized and nationalised after falling foul of the Kremlin.
But based on past performance during the around 10 years the
case has played out, the 54-year-old will not give up.
MOSCOW/LONDON/AMSTERDAM (Reuters) – An international arbitration court ruled on Monday that Russia must pay $50 billion for expropriating the assets of Yukos, the former oil giant whose ex-owner Mikhail Khodorkovsky fell foul of the Kremlin.
Finding that Russian authorities had subjected Yukos to politically-motivated attacks, the panel made an award to a group of former Yukos shareholders that equates to more than half the entire fund Moscow has set aside to cover budget holes.
MOSCOW, July 28 (Reuters) – The Hague’s arbitration court
ruled on Monday that Russia must pay a group of shareholders in
defunct oil giant Yukos around $50 billion for expropriating its
assets, a big hit for a country teetering on the brink of
The Hague court said it had awarded shareholders in the GML
group just under half of their $114 billion claim, going some
way to covering the money they lost when the Kremlin seized
Yukos, once controlled by Mikhail Khodorkovsky.
MOSCOW, July 24 (Reuters) – Russia’s state-controlled banks
would have to turn to the state, domestic borrowers or new
regions such as Asia if EU sanctions shut off investment,
hurting their ability to lend to local businesses and further
damaging the country’s fragile economy.
Under measures being considered by European Union
governments in response to the Ukraine crisis, European
investors would be banned from buying new debt or shares of
banks owned 50 percent or more by the state.
MOSCOW, July 21 (Reuters) – Russian shares slid on Monday to
a two-month low as Moscow came under fierce international
pressure over the downing of Malaysia Airlines flight MH17 and
European governments threatened to follow the United States in
widening economic sanctions.
Monday’s losses extended a near-8 percent slump last week
provoked by Washington’s imposition of sanctions on large
Russian domestic companies, including oil major Rosneft which
again fell sharply on Monday.
MOSCOW/SOFIA, June 24 (Reuters) – Russian bank VTB
said it had no plan to inject capital into Bulgaria’s Corporate
Commercial Bank (Corpbank), making it more likely the
lender will be nationalised in July.
Customers rushed to withdraw money from Bulgaria’s
fourth-largest lender last week after media reports of suspect
deals involving the bank and its top shareholder. The country’s
central bank took control of Corpbank, froze its operations and
started rescue talks with shareholders.
MOSCOW (Reuters) – U.S. healthcare firm Abbott Laboratories (ABT.N: Quote, Profile, Research, Stock Buzz) is to buy Russian drugmaker Veropharm (VRPH.MM: Quote, Profile, Research, Stock Buzz) for up to $495 million, giving it a manufacturing presence in a country where it has been operating for nearly 40 years, Abbott said on Tuesday.
The deal bucks a drought in Russian M&A activity this year due to the country’s faltering economy and the Ukraine crisis. U.S. companies have been particularly stymied from investing here with Washington advising top executives to steer clear of a major Russian investment forum in May.
MOSCOW (Reuters) – Russian investment banking activity has been hit this year by the faltering economy and the Ukraine crisis, putting pressure on Moscow bankers to get creative in offering local firms different ways to raise capital instead of the standard fare of international share and bond issues.
Russian investment banking fee income has fallen by about a third to $166 million in the year to date compared with the same period last year, with a marked squeeze in the last few months, according to Thomson Reuters data.