Rosneft’s share price is crashing and they are having export problems due to injunctions secured by Yukos lawyers in the United Kingdom and United States – a measure which Bill Browder of Hermitage is describing as a “major weapon” in their fight against the state-owned oil company.
“If the injunction is successful and they are able to freeze cash, either Rosneft will have to pay it [the $389m debt] or face having payments impounded around the world,” said Mr Browder. “Yukos have acquired a huge weapon in their war against Rosneft.”
He added: “The wheels of justice move slowly but they do move and as time goes on Russia is having increasing problems around the world. The significance of this is that Russia has to behave or there will be real consequences.” (…)
“If this injunction
toolworks against Rosneft, it could also be used in much larger cases that Yukos has against the Russian state in the European Court of Human Rights and the arbitration proceedings under the Energy Charter,” he said.