Putin allows Bank Trust to buy 100% in Trans-Oil, Inga

MOSCOW, Mar 22 (PRIME) -- Russian President Vladimir Putin has permitted National Bank Trust, the bank of non-core assets, to buy 100% in Trans-Oil and Inga, the oil production subsidiaries of oil company Ruspetro, according to a ruling published on Wednesday.

In 2022, Putin issued a decree banning deals with the shares of foreigners and foreign companies from the so-called unfriendly countries in mining and strategic companies. The decree was prolonged for 2023 in December 2022.

Ruspetro’s headquarters is located in London, and its shares were previously traded on the London Stock Exchange. In March 2021, the Moscow Arbitration Court acknowledged the oil producer bankrupt under an 11.4 billion ruble suit filed by Bank Trust. Also, Bank Trust filed a U.S. $32.4 million suit against foreign subsidiaries of Ruspetro in December 2021.

(76.8373 rubles – U.S. $1)

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