MOSCOW, November 30 (RIA Novosti) - The Federal Arbitration Court of Moscow has revoked the decision to charge Russian beleaguered oil major Yukos $476 million in a foreign syndicated debt.
The case has been passed over to the Arbitration Court of Moscow for reconsideration.
In June, London's High Court of Justice granted a claim from 14 creditors to charge Yukos $482 million - the remainder of a $1 billion syndicated loan that Yukos secured in summer 2003 from Societe General, Citibank, Commerzbank, Credit Lyonnais, Deutsche Bank, HSBC, and ING.
The oil company failed to keep to the repayment agreement due financial problems and the lengthy trial, which prompted the banks' decision to go to court.
On September 28, the Arbitration Court of Moscow upheld the London court's decision, though reducing the claimed sum by $6.72 million.
On October 11, bailiffs began to execute the ruling, while Yukos lodged an appeal.
