December 18, 2017 / 11:00 AM / a year ago

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

FILE PHOTO: A logo of Russian state oil firm Rosneft is seen at its office in Moscow, October 18, 2012. REUTERS/Maxim Shemetov/File Photo

MOSCOW (Reuters) - A Russian regional court has upheld a decision on Monday to award Rosneft with 136.3 billion roubles ($2.3 billion) in its litigations with Sistema conglomerate, Russian news agencies reported.

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

The case centers on the assets and dividends of Bashneft 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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