Russian Justice Ministry not negotiating settlement of Yukos suit

The Russian Justice Ministry is not holding negotiations on settling a dispute over a lawsuit by Yukos shareholders, Justice Minister Alexander Konovalov said.

The Russian Justice Ministry is not holding negotiations on settling a dispute over a lawsuit by Yukos shareholders, Justice Minister Alexander Konovalov said.

"The Justice Ministry is certainly not holding any negotiations," Konovalov said when asked whether the ministry was negotiating the settlement of the dispute surrounding the suit by Yukos shareholders.

It was reported on Wednesday that Rosneft had reached an agreement to settle disputes with companies of the Yukos Group.

Rosneft said in a statement that the parties had agreed to drop all mutual claims and end all existing litigation and other disputes, and undertake not to make claims against each other in the future in connection with the bankruptcy and liquidation of the Yukos oil company.

The agreement does not call for any cash or other payments on the part of Rosneft or its subsidiaries, it said.

The parties closed their agreement on March 31 and signed all the necessary documents needed to withdraw all court action in the Netherlands, England, Russia, United States and other jurisdictions.

An international arbitration court based in The Hague ruled in July 2014 in favor of former Yukos shareholders, ordering that Russia must pay $50 billion for expropriating Yukos assets. Russian officials have signaled their intention to dispute the ruling and have it annulled.

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