The Federal Arbitration Court has upheld the decisions of the Moscow Arbitration Court and the Ninth Arbitration Appeals Court that required Techneftinvestto pay $33.1mln to the VTB Group. In other words, the higher court rejected the plaintiff’s appeal, petitioning it to void the decisions of the lower courts to pay the contested sum.
Besides, the court also granted VTB’s petition to replace the plaintiff with VTB Debt Center following the assignation of the rights to the debts between it and its subsidiary. Currently, Techneftinvest has not less than six licenses for the exploration and drilling of oil deposits in the Yamalo-Nenets and Khanty-Mansiysk regions. The VTB Group is one of the largest state banks in Russia, where the government has 85.5% stake.
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