Trading in Yukos Shares Halted After 20% Plunge

Moscow Interbank Currency Exchange suspended the trading of Yukos shares, after the prices of the securities plunged by more than 20 percent, RIA Novosti reported. The Russian Trading System decided not to suspend the trading in Yukos shares, despite the fact that their price also fell by more than 20 percent. RTS’ spokesperson explained that trading can only be suspended if the benchmark index falls by more than eight percent.

The plunge taken by the Yukos shares was caused by two announcements. The first one came from the court bailiffs’ service, which announced that the authorities had withdrawn more than five billion rubles ($181 million) from Yukos as part of its tax debt. It was also announced that Yukos’ largest oil producing company Yuganskneftegaz will be put up for sale by the authorities within a month.

Market analysts point out that such a decision means that the government wants not only to receive money from Yukos, but to destroy the company as well, as Yuganskneftegaz accounts for 62 percent of the oil major’s overall production.



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