The USA is vitally interested in settling the Yukos controversy. It implies not only major political and strategic concern-it has a bearing on America's economic and energy security, Mr. Theede stressed as he was addressing today's hearings on Russian democracy at the Senate foreign affairs committee.
The Yukos affair has staked the rights of more than 60,000 private and corporate investors, many Americans among them. Russia has determined to put an end to its dedication to privatization, and is enhancing the state's role instead. As the result, Russia now has no proper legal proceedings. It has given up the supremacy of law, and offers no guarantees of stockholders' and proprietors' rights, warned Mr. Theede.
The entire Senate, the House of Representatives and the US President himself will not be too long to voice their alarm with the developments round Yukos, he hopes.
Tim Osborne, Managing Director of the Menatep group-biggest Yukos holder, also addressed the hearings. The Yukos crisis has come with bad damage to US nationals, who are holding a rough total 10 per cent block of the harassed giant. The Ohio pension fund and other minor holders in America have lost huge sums, he said without specifying the figures involved.
Developments round Yukos will be going on to the detriment of US interests unless the Yukos affair comes to a settlement in conformity with international standards and in compliance with the supremacy of law, he warned.
