TaxCorporate TaxRussian oil giant hit with £1.9bn tax bill

Russian oil giant hit with £1.9bn tax bill

Yukos, Russia's second largest oil company, could be forced into bankruptcy after a Russian court ruled it must pay a 99.4 billion- ruble (£1.9bn) tax bill.

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The Moscow Arbitration Court rejected appeals by Yukos and by the Tax Ministry. Russian president Vladimir Putin said earlier this month he opposes bankrupting Yukos.

Former chief executive Mikhail Khodorkovsky, Russia’s richest man was arrested last year on tax and fraud charges that he denies.

‘The company now will have to pay – the question is when and how,’ Tim Mccarthy, a fund manager at Moscow-based Troika Dialog Asset Management told Bloomberg.

‘The ball is in the tax collector’s court, and they have had a clear sign from Putin that the company should continue operations.’

Yukos shares fell 8.99 rubles, or 3.8%, to 230.01 today, after falling as much as 6.7% earlier.

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