Yukos hit by £1.4bn loss
YUKOS has reported a net loss of £1.45 billion for the first half of 2004, a period of record oil prices, prompting speculation that the Russian oil firm is on the verge of declaring bank-ruptcy.
Yukos, worth nearly 19.1bn a year ago, has been ordered by the Russian courts to pay a 1.86bn bill in back taxes and penalties immediately, which the company claims it is unable to pay because a court order prevents it from selling any of its assets.
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