Yukos gradually repaying its debts

Court bailiffs have ordered the YUKOS oil company to repay 15 billion roubles in line with the national Tax Ministry's lawsuit. This was disclosed here today by Russia's Justice Minister Yury Chaika. (One dollar costs about 29 roubles - Ed.)

15 billion roubles have already been transferred to deposit accounts, with the federal budget getting 12.5 billion of the grand total, Chaika added, saying this implied corporate tax arrears.

YUKOS is repaying its debts little by little. As of July 19, five billion roubles were remitted to the accounts of Moscow's court-bailiff service, with this sum total increasing to 9.9 billion roubles by July 23.

Previously, it was reported that YUKOS board chairman Stephen Teddy had said that the company would pay out $1.25-1.30 billion by the end of July. Corporate assets make up for $700 million of this grand total, with uncompensated VAT (Value-Added Tax) proceeds standing at $500-600 million.