Russian court freezes $1.7 billion of Sistema assets

The ongoing legal battles between the pair, two of Russia’s biggest businesses, stem back to 2009 when Bashneft’s dividends were under the control of Sistema through to 2014.

In August, a court ruled Sistema should pay Rosneft compensation of more than 136 billion roubles ($2.3 billion) in connection to a dispute over Bashneft. Rosneft, which bought Bashneft last year, has accused Sistema — the oil producer’s previous owners — of removing some of its assets.

Sistema’s President along with CEO Mikhail Shamolin has dismissed allegations his company stripped assets via Bashneft, telling CNBC earlier in which year in which the claim was “pretty much baseless.”

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