Back tax claims and fines caused Russneft to suffer losses last year of over $500 million. Russneft has yet to be sold to Oleg Deripaska’s Basic Element due to “legal complications”. The Australian Takeover Panel is blocking plans by Russian oligarch Alisher Usmanov to sell his 20% stake in Mount Gibson to Chinese steelmaker Shougang, because the sale breaches Australian mergers and acquisitions rules. Electricity producer OGK-1 posted a profit of $1.9 billion last year, a 240% increase on 2006, reportedly due to “the electricity market liberalization”. Finnish power and heat company Fortum has acquired the Urals-based generating firm TGK-10.