RDIF comments on settlement between Sistema and Bashneft
On December 22, the Board of Directors of Russian oil producer Bashneft agreed upon terms of the settlement with Sistema and Sistema-Invest
MOSCOW, December 22. /TASS/. The settlement between Rosneft and Sistema is a positive signal for the market and contributes to the development of a favorable investment climate, the Russian Direct Investment Fund (RDIF) said on Friday.
The Board of Directors of Russian oil producer Bashneft agreed upon terms of the settlement with Sistema and Sistema-Invest. According to terms of the settlement, respondents undertake to reimburse Bashneft for damages inflicted to it in the amount of 100 bln rubles ($1.7 bln). Respondents will raise funds to compensate damages with assistance of the RDIF and Sberbank.
This settlement "meets both sides" interests and sends a positive signal to the market therefore improving the investment climate in Russia," the fund said. "We are grateful to both sides for entrusting the Russian Direct Investment Fund during negotiations," the statement added.
According to the RDIF, Bashneft granted an authority to the Fund on November 29 to assist in negotiating the settlement.