WRAPUP 1-Alfa defiant as U.S. court rules for Telenor

* Alfa Group says U.S. court ruling unfair, fines absurd

* Analysts say Alfa/Telenor dispute likely to continue

* Telenor sees substantial dividend if court ruling honoured

(Rewrites with quotes, analysts, shares)

By Wojciech Moskwa and Maria Kiselyova

OSLO/MOSCOW, Nov 21 (Reuters) - Russia's Alfa Group on Friday defied a U.S. Federal court ruling imposing fines and ordering it to divest assets in Ukraine, signalling more clashes with disgruntled Norwegian partner Telenor.

Telenor (TEL.OL) and Alfa have been in long-running legal battles over strategy and control of their two mobile ventures

-- Ukrainian Kyivstar and Russian Vimpelcom (VIP.N). -- Ukrainian Kyivstar and Russian Vimpelcom (VIP.N).