Additionally, the Justice Ministry representative announced that following the sale of the shares in Yuganskneftegaz, the outstanding tax debt of YUKOS was RUR83.5bn ($2.99bn). According to Buksman, the amount received from selling shares in Yuganskneftegaz will not be enough to cover the debts of YUKOS. “Court bailiffs will decide how to collect this money,” the official pointed out.

According to Yury Petrov, acting chairman of the Russian Federal Property Fund, the winner of the auction, Baikal Finance Group, should pay the specified sum within 14 days after the auction. In the event the company fails to do so, the auction will be declared void, and the winner will lose the deposit it made to take part in the auction, Petrov explained. Under Russian law, the other bidder, Gazpromneft, cannot be declared winner of the auction even if Baikal Finance Group fails to pay the money, the Property Fund’s chief underscored.

As for a ban on holding the auction imposed by an American court, the Federal Property Fund had not received this verdict, Petrov said at a news conference. “The seller of shares in Yuganskneftegaz, the Russian Federal Property Fund, has not received any official documents. We know only information published in the press,” he added.

At the same time if the Property Fund received the official verdict of the court in Houston, it would not be binding, as there is no agreement on legal assistance between Russia and the USA, Petrov emphasized. “This decision would be just recommendatory,” Petrov said. As reported earlier, the verdict of the Houston court banning any deals on YUKOS assets envisages seizure of property of an acquirer of Yuganskneftegaz in the USA.

Furthermore, Menatep Group Managing Director Tim Osborne announced that YUKOS would file for bankruptcy again in the near future, as the sum received for Yuganskneftegaz was not enough to cover the tax debts of YUKOS.