Russia hired the new York law firm of White & Case, representing its interests in a dispute with the former shareholders of Yukos, as a consultant on the organization of the privatization of shares of “Rosneft,” reported Bloomberg citing two sources who wished to remain anonymous.
According to one source, American lawyers should try to find a way to circumvent the issues associated with sanctions against the company.
Official representative of “Rosneft” Mikhail Leontyev and the press Secretary of White & Case Andrew Newsham refused to comment on this information. The U.S. Department of justice at the request of the Agency said that sanctions do not prevent a law firm from USA to provide legal advice to the Russian government.
In early April the Minister of economic development Alexei Ulyukayev said that the main shareholder of Rosneft, Rosneftegaz, has selected the legal Advisor for privatization of Rosneft shares. However, he declined to name the company.
The law firm White & Case to represent Russia’s interests in an American court, where former shareholders of Yukos sought enforcement of a decision of the Hague arbitration on the compensation of $50 billion.
Currently the government through Rosneftegaz owns 69.5 per cent of Rosneft shares, but plans to reduce its stake. Sale of stake of 19.5% oil companies was included in the privatization plan through 2016. In February the first Vice-Premier Igor Shuvalov has signed the instruction on preparation for privatization of a package, said government sources. In accordance with the Directive to the state representatives in the Board of Directors of Rosneftegaz instructed to engage an investment consultant to study the structure and material terms of the transaction on sale of actions “Rosneft” with participation of the Ministry of economic development.