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The Kremlin is stonewalling Yukos and preparing to nationalize its major asset according to CEO Steven Theede at at a press briefing today.
Theede said he had sent 11 letters to various Russian government
officials to discuss a way out, and has not received a single formal
response. In the meantime, the process to sell Yukos' major asset,
it's Yuganskneftegas subsidiary, to a Kremlin-controlled firm at 10%
of market value is proceeding. Nationalization of Yukos is clearly
not far off.
(22-Jul-04)
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