Sistema signs settlement with Rosneft, to pay 100 bln rubles from own, borrowed funds
Sistema JSFC has signed an out-of-court settlement with state oil major Rosneft, oil company Bashneft (MOEX: BANE) and the Republic of Bashkortostan, the Russian conglomerate, which is controlled by Vladimir Yevtushenkov, said in a statement.
"According to the agreement, all sides will recall all their lawsuits and abandon all claims against each other, and Sistema will be obliged to pay Bashneft 100 billion rubles by 30 March 2018. Sistema will make this payment using its own as well as borrowed funds," Sistema said.
"Sistema would like to express its gratitude to the Russian Direct Investment Fund for its active contribution in reaching the settlement and to Sberbank of Russia for its contribution and assistance in signing the settlement agreement," the company said.