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
Between 2000 and 2008 EU27 trade in goods with China more than tripled in value, with EU27 exports to China rising to 78 billion euro in 2008 compared with 26 bn in 2000, and imports rising to 248 bn from 75 bn.
more »
The first estimate for the euro area (EA16) trade balance with the rest of the world in March 2009 gave a 0.4 bn euro surplus, compared with -2.3 bn in March 2008.
more »
On May 18 this year, AB Bank SNORAS begins to distribute two emissions of one-year fixed interest bonds.
more »
Taking into account changes on international and domestic money markets AB DnB NORD Bankas, a member of international financial group, has changed time deposit rates for individual customers.
more »
The 25-year Sri Lankan civil war looks to be in its final throes.
more »
The sheer scale and nature of taxpayers' cash claimed as allowances by Britain's lawmakers has stunned the nation.
more »
The European Commission has decided to send a formal request to Lithuania regarding the award of a works contract by Lithuania Railways for the modernisation of the railway radio communication system through the introduction of a GSM-R system.
more »
The speed and depth of the financial crisis has been brutal and over the last year MEPs have been hard at work on a two-fold approach to the crisis.
more »
The Group commits to reducing its CO2 emissions by 30% by 2020 supporting the “20-20-20” goal set by the EU.
more »
This weekend, in the second round of Le Mans Series championship on SPA track, in Belgium, SNORAS Spyker Squadron team that participated there took the fifth high position.
more »