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Russian Oil Giant Yukos Files for US Bankruptcy

Russia's giant Yukos oil company has filed for bankruptcy in the United States, and has appealed for a restraining order to stop Russian authorities from selling the company's production unit at an auction Sunday.

An Internet statement posted on the Yukos web site says the company filed for bankruptcy Tuesday in Houston, Texas.

Yukos says the impending auction of its main oil producing subsidiary Yuganskeneftegaz will cause immediate and irreparable harm. Russian officials have said they want to recover at Sunday's auction billions of dollars they say Yukos owes in back taxes.