AFK Sistema begins process of transferring Bashneft to state - source

AFK Sistema has begun preparing to transfer 71.62 percent of Bashneft shares to the government, as the court's decision to seize the shares from Sistema enters into force in two weeks.

AFK Sistema has begun preparing to transfer 71.62 percent of Bashneft shares to the government, as the court's decision to seize the shares from Sistema enters into force in two weeks.

"The process of transferring the asset has begun," a source familiar with the situation told Interfax. The source said the parties had already agreed upon the procedure for opening accounts and transferring the shares. This will take place as soon as the court's decision comes into force.

"Sistema already parted with the asset a long time ago, so it's trying to quickly resolve all the formalities," the source added.

A Sistema representative declined to comment on this information.

Read more: Bashneft case could threaten investment in Russia, warn analysts

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