Putin's clampdown on oil giant Yukos has investors running scared
Published:
30 August 2004 y., Monday
As much as $12bn (£6.7bn) is expected to be taken out of Russia this year, in the wake of the Yukos affair. Official estimates for capital flight out of Russia put the figure at nearly six times last year's $2.3bn.
The capital flight has been sparked by the targeting by Russian tax authorities of Yukos, the Russian oil company, which provides 2 per cent of the world's oil. It is feared other companies could be next.
This weekend Yukos warned it might have to cut production next month if Russian authorities do not give it more time to pay billions of dollars of backdated taxes they claim it owes.
The tax ministry has levied 100bn rubles ($3.4bn) of backdated taxes for 2000. The deadline for payment is tomorrow. Similar taxes could be charged for 2001 and 2002.
The company said last week that it was cutting spending by $700m a year so it could continue normal operations, as tax officials have frozen accounts. Officials "swept" $900m from the accounts last month to meet the back-dated 2000 bill. The company must also pay current taxes.
Šaltinis:
news.independent.co.uk
Copying, publishing, announcing any information from the News.lt portal without written permission of News.lt editorial office is prohibited.
The most popular articles
EBRD to pay 4.6 billion roubles for 11.75 percent stake.
more »
On 24 November in London a letter of intent will be signed between Alytus Municipality and the Spanish aluminium company “Sopena group” regarding investments of the “Sopena group” in Alytus.
more »
Tourism opportunities in Dzūkija Region of Lithuania and other issues of incoming tourism promotion were the main topics of the meeting of the Mixed Intergovernmental Commission on Trade and Economic Cooperation between the People’s Republic of China and the Republic of Lithuania.
more »
On 22-23 November in Kiyv, foreign ministers of Lithuania, Ukraine and Belarus discuss trilateral cooperation and participation of Belarus and Ukraine in the Eastern Partnership of the European Union.
more »
The Kozloduy International Decommissioning Support Fund is supporting an innovative programme to boost energy savings and efficiency of public buildings in Bulgaria with a €5 million grant.
more »
Bank DnB NORD’s Economic Research Group predicts that out of the six Baltic Rim countries, moderate economic growth will be seen in Poland, Finland and, possibly Estonia in 2010, while Denmark, Lithuania and Latvia will need more time to climb out of recession.
more »
In a meeting in Brussels of the European Bank Coordination Initiative held on 19 November 2009, the parent banks of the six largest foreign banks active in Hungary reaffirmed their commitments made in May 2009 to support their subsidiaries.
more »
On 17 November 2009, the Board of AB Bank SNORAS decided to establish the bank’s representative office in London.
more »
The European Commission has approved, under EC Treaty state aid rules, two capital injections in favour of 'The Mortgage and Land Bank of Latvia' (LHZB).
more »
The government of G hana will tomorrow sign an historic agreement with the EU aimed at ensuring that only legally harvested timber from the West African country is exported to the EU market.
more »