Rosneft wins huge damages

Moscow: A Russian court ordered private company Sistema to pay huge damages to state-controlled oil giant Rosneft over its controversial deal to acquire oil company Bashneft. The regional court of Bashkortostan in southern Russia ruled in favour of Rosneft which was suing Bashneft’s previous owner, private firm Sistema — owned by tycoon Vladimir Yevtushenkov. It ordered Sistema to pay Rosneft 136 billion rubles ($2.3 billion). Rosneft — headed by Igor Sechin, a powerful ally of President Vladimir Putin — had asked for a higher sum of 171 billion rubles but if the amount is upheld, it will be one of the largest ever awarded by a Russian court. — AFP