Rosneft, Sistema in $1.7-bln settlement

Russia

MOSCOW, December 25, 2017 – Sistema will pay Rosneft RUB 100 billion (USD 1.72 billion) in an out-of-court settlement over alleged damages done to Rosneft subsidiary Bashneft, the Russian oil giant announced on Friday.

The news came days after a Russian regional court confirmed the award of USD 2.32 billion to Rosneft last Tuesday in a court case that Sistema said it would appeal.

“The settlement will be subject for the Bashkortostan Republic Arbitration court approval,” Rosneft said in a statement. “The finalization of the payments shall be made by March 30, 2018.”

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