Analysts comment on recent developments in YUKOS case

New bank accounts of YUKOS' subsidiaries, which the company plans to open to fund day-to-day activities, may be sized by Russian authorities, analysts believe. This YUKOS' decision points to the fact that the company is hopeless about its bank accounts, which had already been frozen. The company apparently has problems with funding day-to-day operations, experts point out. Investors will unlikely start buying YUKOS after its opening new bank accounts. They are waiting for the final assessment of the amount of overdue taxes, which YUKOS will have to pay, and for setting price for the major oil-producing subsidiary of the embattled oil giant, Yuganskneftegaz.

The decision to open new bank accounts shows that YUKOS is uneager to be forced into bankruptcy. However, as for funding day-to-day operation, the major issue is the control over Yuganskneftegaz and other key subsidiaries, experts say.

Others believe that opening new bank accounts is the compromise the company has reached with the Russian government. But this compromise does not alleviate risks related to YUKOS, therefore analysts see no reasons to change their recommendations on YUKOS securities.