Global oil prices were down slightly as of late in the day on 29 July after the Russian Justice Ministry backed away from efforts to force embattled oil giant Yukos to stop selling oil

Global oil prices were down slightly as of late in the day on 29 July after the Russian Justice Ministry backed away from efforts to force embattled oil giant Yukos to stop selling oil. Prices reached a record high of $43.05 per barrel on 28 July on word that Russian bailiffs had ordered the company to cease oil sales. Justice Ministry spokesman Andrei Belyakov said on 29 July that "the bailiffs' activities are aimed neither at blocking the bank accounts nor the economic activities of Yukos's subsidiaries". "Izvestiya" reported on 29 July that Yukos management has written a letter to the government predicting massive layoffs if an agreement over payment of the company's tax debts cannot be reached. The letter said that the bailiffs' order meant that three major Yukos subsidiaries were unable to sell oil, threatening the jobs of 15,000 people. The daily reported that Yukos shares have lost 60 percent of their value since 20 July. Dpa reported on 28 July that Yukos shares fell to $2.97 each when trading was halted for the third consecutive day.