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Russian Court partially satisfies Rosneft lawsuit against Sistema in favor of Bashneft

Bashkortostan’s Arbitration Court partially satisfied Russian energy giant Rosneft’s lawsuit against Russian joint-stock financial corporation Sistema.

UFA (Sputnik) – Bashkortostan’s Arbitration Court partially satisfied Russian energy giant Rosneft’s lawsuit against Russian joint-stock financial corporation Sistema, recovering 136.3 billion rubles ($2.3 billion) in favor of the Bashneft oil company, a Sputnik correspondent reported from the courtroom Wednesday.

Sistema owned a controlling stake in Bashneft until the end of 2014. Rosneft, Bashneft and the Russian republic of Bashkortostan demanded in the arbitration court that 170.6 billion rubles be recovered from Sistema and its subsidiary in favor of Bashneft, assessing the losses incurred in the reorganization of the Bashkir oil company as amounting to the sum.

Sistema says the demands are ungrounded. A Sistema spokesman said Wednesday the corporation would appeal the arbitration court’s ruling.

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