Russian court freezes assets of major conglomerate

Save Story
Leer en español

Estimated read time: Less than a minute

This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.

MOSCOW (AP) — Sprawling Russian conglomerate Sistema says a court has frozen some of its assets to secure a pending $2 billion lawsuit from Russia's largest oil company, the state-owned Rosneft.

Rosneft, led by a close ally of President Vladimir Putin, last week sued Sistema for damages related to its ownership of oil company Bashneft that Rosneft bought last year.

Sistema's CEO spent three months under house arrest in 2014 before money laundering charges related to its purchase of Bashneft were dropped. Russia then renationalized Bashneft, one of Russia's fastest-growing oil companies at the time, and Rosneft bought it last year.

Sistema said in a statement on Tuesday that it considers the court order freezing some of its assets to be "unlawful, baseless and knowingly dishonest."

Copyright © The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Most recent Business stories

Related topics

The Associated Press


    Get informative articles and interesting stories delivered to your inbox weekly. Subscribe to the Trending 5.
    By subscribing, you acknowledge and agree to's Terms of Use and Privacy Policy.

    KSL Weather Forecast