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Reports: Legal Action Taken Against Russia For Yukos Oil Losses


A published report says that shareholders in the Russian oil company, Yukos, are taking legal action in an effort to be compensated by the government for the sharp drop in the firm's market value.

Thursday's edition of the London-based Financial Times newspaper says the director of Menatep, the group that controls 60 percent of Yukos, has filed a complaint against the Russian government under the Energy Charter signed by Russia designed to protect investors.

The newspaper says Menatep's legal action is the first aggressive effort made by the oil company's investors to be compensated for losses incurred as share prices have plummeted since last year.

This sharp drop in Yukos' value is attributed to taxes imposed on the company by the Russian government. Observers claim the taxes are politically motivated.