On Friday, Russia postponed by three months, a decision on whether to revoke the Siberian licences of embattled oil major Yukos

On Friday, Russia postponed by three months, a decision on whether to revoke the Siberian licences of embattled oil major Yukos, alleviating fears of a prompt value-destructive move. The resources ministry’s commission notified Yukos that the firm was not fully complying with the licences terms for 21 Siberian fields and that breaches should be rectified within three months. It will meet on five more licences later this month. The news followed earlier comments by resources minister Yuri Trutnev, who ruled out any early withdrawal of Yukos’ licences. “The revocation of licences is possible only in three months and only if the company does not rectify breaches (in licence conditions),” he said at an economic forum in the Black Sea resort of Sochi. “I believe there can’t be any withdrawal because it is illegal to withdraw licences without prior warning and without giving a chance to rectify breaches within the next three months,” Mr Trutnev said. Yukos faces almost $8bn in back tax claims, its bank accounts are frozen and the firm has repeatedly warned it is not able to fund its basic operations and pay current taxes.