What is sistema dispute

France 24 is not responsible for the content of external websites. Russian oil giant Rosneft said Friday it has settled its long-running dispute with rival Sistema over its controversial deal to acquire oil company Bashneft.

The two companies have been locked in a bitter legal battle over a deal dating back to under which Rosneft acquired Sistema's majority stake in Bashneft for Sistema spokesman Sergei Kopytov was quoted by Reuters as saying: "On the whole the process has been one-sided without any impartiality at all, which had predetermined today's ruling.

Although, Rosneft would have to settle for a lesser amount than its initial claim, a spokesman of the company told the publication that it was satisfied with the court ruling. NS Energy is using cookies We use them to give you the best experience.

Sistema owns a little over 50 percent in MTS, also present in Ukraine, Belarus, Armenia and Turkmenistan with a total million clients. MTS shares lost over 6 percent in New York trade following shares arrest. Bashneft, which produces around , barrels of crude oil a day, was owned by Sistema for a couple of years until , when the court has ruled to return the company to the state. Yevtushenkov himself was accused in of misappropriating Bashneft shares and held for three months under house arrest.

In a second claim, Rosneft had also sought the return of dividends paid out by Bashneft between and , when Sistema was its controlling shareholder. Energy Updated. By Reuters Staff 2 Min Read.