international magazine
03 / 2009

Debt everywhere
Russneft's debts approach the value of its assets

Russneft, which not long ago was the most dynamically developing oil company in Russia, is not experiencing its best of times. Bad luck continues to dog the company. First came tax claims against the company and then criminal cases against its managers, the forced sale of the company and self-imposed exile of the company's main owner and leader. Then came uncertainty with the new owners and constant changes in management, rising debt and falling revenue from crude exports and lower production.