September 27, 2017 / 5:39 PM / a year ago

Russian court upholds dividend ban in Sistema row with Rosneft: RIA

MOSCOW (Reuters) - The Moscow Arbitration court on Wednesday rejected a claim from Russian conglomerate Sistema that the ban on receiving dividends on the shares arrested as part of its dispute with oil firm Rosneft was illegal, RIA news agency reported.

The logo of Russian conglomerate Sistema 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

A court in the Russian region of Bashkortostan froze about $3 billion worth of Sistema’s assets in June, including shares in telecom operator MTS. The state bailiff service issued an order preventing Sistema from receiving any income on these shares.

The court last month ordered Sistema to pay 136 billion roubles to Rosneft which claims certain assets were removed from Rosneft-controlled Bashneft when Sistema was Bashneft’s shareholder.

Reporting by Maria Kiselyova; Editing by Andrey Ostroukh

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