December 18, 2017 / 10:57 AM / 6 months ago

Russian court upholds Rosneft's $2.3 billion award in case against Sistema

MOSCOW (Reuters) - A Russian regional court has upheld a decision on Monday to award Rosneft with 136.3 billion roubles (£1.72 billion) in its litigations with Sistema AFKS conglomerate, Russian news agencies reported.

The logo of Russia's oil producer Rosneft is seen on a board at the St. Petersburg International Economic Forum 2017 (SPIEF 2017) in St. Petersburg, Russia, June 1, 2017. Picture taken June 1, 2017. REUTERS/Sergei Karpukhin

Sistema will appeal the decision, they company’s official said in emailed comment.

The case centres on the assets and dividends of Bashneft (BANE.MM) oil producer, now controlled by Rosneft and previously owned by Sistema.

Rosneft filed a second $2.2 billion lawsuit earlier this month, and Sistema then counter-sued Rosneft for around $5.6 billion.

Reporting by Andrey Ostroukh; Writing by Vladimir Soldatkin; Editing by Andrey Ostroukh

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