In 2003, Yukos borrowed $1 billion from Western banks. When the company failed to meet loan payments, 14 creditor banks took their case to London's High Court, which backed their claims.
The case then went to the Moscow Arbitration Court, which earlier this year ordered Yukos to pay the banks $475 million.
Following an appeal by Yukos, the Federal Arbitration Court today rejected that ruling and sent the case back to the lower court.
Yukos, once Russia's largest oil producer, is also facing claims by Russian tax authorities of billions of dollars in back taxes.
(ITAR-TASS/AP)
The case then went to the Moscow Arbitration Court, which earlier this year ordered Yukos to pay the banks $475 million.
Following an appeal by Yukos, the Federal Arbitration Court today rejected that ruling and sent the case back to the lower court.
Yukos, once Russia's largest oil producer, is also facing claims by Russian tax authorities of billions of dollars in back taxes.
(ITAR-TASS/AP)