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The logo of Russia's top crude producer Rosneft is seen on a price information board of a gasoline station, with the Ostankino television and radio tower seen in the background, in Moscow July 17, 2014. REUTERS/Sergei Karpukhin via NewsCred

Rosneft says it settled dispute with dismantled oil firm

MOSCOW — Rosneft says it has settled a long-standing dispute with now-defunct oil company Yukos, whose owner spent 10 years in a Russian prison.

Yukos was dismantled in 2003 and sold in pieces through shady intermediaries to Rosneft, making it Russia’s largest oil company. Yukos’ owner, Mikhail Khodorkovsky, spent 10 years in prison on tax evasion charges before he was pardoned by President Vladimir Putin and released in December 2013.

Following the dismantling of Yukos, its shareholders, excluding Khodorkovsky who gave up his claims, have been suing Rosneft in court.

Rosneft said in a statement Wednesday that Yukos shareholders agreed on a settlement that will cease all litigation between them. A Yukos representative confirmed the agreement but said it doesn’t affect Yukos’ claim against Russia in the European Court of Human Rights.

In related news, Trading house Trafigura wins huge chunk of Rosneft oil supply.

This article was from The Associated Press and was legally licensed through the NewsCred publisher network.

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