March 5, 2018 / 4:53 PM / in a year

Russia's Sistema says it has completed all payments in Rosneft dispute

MOSCOW, March 5 (Reuters) - Russian conglomerate Sistema has fulfilled all financial obligations in its settlement with oil giant Rosneft, the company said on Monday, marking the final stage in their long-running business dispute.

The dispute centred on mid-sized oil company Bashneft , pitting Rosneft’s chief executive Igor Sechin, a close ally of President Vladimir Putin, against Sistema owner Vladimir Yevtushenkov, a billionaire who some Russian media reports suggest is close to Prime Minister Dmitry Medvedev.

Under the settlement, Sistema had to pay Rosneft 100 billion roubles ($1.76 billion) by March 30. In Monday’s statement, Sistema said it had transferred the final tranche, 40 billion roubles, to Rosneft’s subsidiary Bashneft, thereby completing its obligations with respect to the deal.

“Each party to the Settlement Agreement should withdraw and waive all other claims against respective parties... that arose or may arise in future in connection with the claims,” Sistema said, adding that this should be done within three days. ($1 = 56.7930 roubles) (Writing by Polina Ivanova Editing by Adrian Croft)

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