Tag: Mikhail Fridman

Bob Dudley, BP chief executive, and Vladmir Putin, Russian prime minister, when the BP-Rosneft deal was announced in January 2011BP is running out of options. Its plans for a cooperation pact with Russia’s Rosneft was on Friday blocked for a second time by a legal challenge from its Russian partners in its existing Russian joint venture, TNK-BP.

While the international tribunal has still to give a definitive ruling on a key element of the accord – a $16bn share swap – its temporary injunctions could now have a permanent effect on BP’s ability to close the deal. The Russian TNK-BP partners headed by oligarch Mikhail Fridman are winning in their effort to block the ambitious venture.

As beyondbrics has reported, the Stockholm tribunal – which is actually three Brits meeting in London – ruled on Friday that a temporary injunction blocking the share swap should remain in place.

Russian oligarch Mikhail Fridman is throwing caution to the wind. He and his Russian partners in TNK-BP questioned the BP-Rosneft deal as soon as it was announced last week.

Now they are seeking an injunction blocking an agreement that has the personal backing of prime minister Vladimir Putin. And as if this wasn’t enough, Fridman is complaining loudly about his exclusion from the privatisation of the Bank of Moscow and riding roughshod over Telenor, his partner in the Vimpelcom telecoms group.

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