Yukos Declared Bankrupt

An oil field in Tomsk, once the property of Yukos (ITAR-TASS) Aug 1, 2006 -- A court in Moscow has declared the Yukos oil company bankrupt, paving the way for the liquidation of what was once Russia's biggest oil company.

The decision marks the end of a three-year drama that has seen Yukos' billionaire founder Mikhail Khodorkovsky jailed in a Siberian penal colony for tax evasion and fraud.

Many see the case as a punishment for Khodorkovsky's political ambitions and a result of the Kremlin's desire to regain control of the energy sector.

(AFP, AP)