Yukos drops banks from court bid
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Russian oil company Yukos drops the threat of legal action against five banks it had accused of involvement in the sale of its key Yugansk unit.
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American courts came into direct conflict with Russia yesterday, after Russia insisted it would push on with plans to sell off the main chunk of stricken oil giant Yukos
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Russian oil major YUKOS has filed for  bankruptcy protection in a U.S. court and will seek an  injunction to stop Russia from auctioning off its main  production unit on Dec. 19, it said on Wednesday.
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Yukos' main shareholder files a legal complaint to prevent Russia selling off the embattled oil giant's key unit,  reports say.
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The battered Russian oil giant Yukos said a Moscow court had frozen its 34.5 percent stake in rival Sibneft, halting a reversal of their merger that would provide cash for Yukos to settle massive tax bills.
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Shareholders in Yukos are considering liquidation or filing for bankruptcy, after deciding against a rescue plan for the embattled Russian oil firm.
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Investors refrained from trades in Yukos as they awaited a critical court decision on whether Russia's embattled oil giant could use its contested stake in a rival company to pay off its crushing tax bill.
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Embattled Russian oil giant Yukos cut its 2004 oil production target from 90 million tonnes to 86 million tonnes, saying its inability to access frozen accounts had forced the firm to reduce operating costs.
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NEW YORK: Deutsche Bank has filed a motion to dismiss Russian oil major Yukosâ bankruptcy case in Houston, according to a court document.
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MOSCOW - Embattled Russian oil giant Yukos filed for bankruptcy protection in a US court in a last-ditch bid to avert auction of its core production unit.
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A Russian court has frozen the Yukos oil company's stake in one-time merger partner Sibneft, setting the stage for the possible confiscation of those shares by prosecutors and dealing yet another blow to Russia's largest oil producer.
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Yukos suffered a double blow Tuesday when the Moscow Arbitration Court rejected attempts by the oil major to cover part of a $3.4 billion bill in back taxes and postpone collection of the claim.
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By Christopher Hope, Business Correspondent (Filed: 30/12/2004). Deutsche Bank, the German banking giant, yesterday said it has filed a motion with a US court to dismiss a claim for bankruptcy protection by Russian oil giant Yukos.
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Russian oil giant Yukos has reportedly lost a court case against the sale of its main production unit.
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OAO Yukos Oil Co., Russia&#39;s biggest oil exporter, will cut deliveries to China&#39;s biggest oil company next month after a government freeze on its bank accounts prevented it from paying railway bills.
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HOUSTON/MOSCOW  - Stricken Russian oil firm YUKOS,  turning to U.S. courts in a bid to halt the dismantling of the  company, told a judge on Wednesday Russian gas monopoly Gazprom  had illegally taken part in the weekend sale of YUKOS's core  asset.
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A Moscow court has rejected a request to drop part of the criminal case against the jailed former chief of Yukos oil company, Mikhail Khodorkovsky.