Introduction

16 December 2004 - On 19 November 2004, the Russian Government announced that Yukos' main production unit, Yuganskneftegas, will be sold at auction on 19 December 2004. The auction starting price was set at 246.75 billion rubles (approximately US$8.8 billion). On the day of the announcement, Steven Theede, President and CEO of Yukos, reacted by releasing a statement describing the auction as an "expropriation" that made a "mockery of the protection of private property". This e-bulletin examines some of the legal issues arising out of the forthcoming auction from the viewpoint of ...