As Euromoney went to press investors were struggling to come to terms with the freezing by Russian prosecutors of a large block of shares in Yukos. Badly burnt by the 1998 crisis, foreign investors have been slow to return to the Russian stock markets and those that did were all buying shares in Yukos, commonly viewed as Russia’s most transparent and best managed company.
“The conflict has clearly entered new and uncharted territory, where anything – a change in Yukos’s control, change in management, cancellation of licences, etc – no longer appears impossible,” says Stephen Deshevsky, the head of research at Aton.
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