Russian holding company Sistema has been ordered to pay the country’s giant Rosneft group some $2.3 billion over Bashneft.
Sistema bought a controling interest in oil company Basneft in 2009.
The company was later seized by the Russian government in 2014.
Rosneft bought a controlling stake in Bashneft last year from the Russian government in a multibillion-dollar deal.
A court in Russia yesterday ordered Sistema to pay out to Rosneft over claims brought by Rosneft
Rosneft sought to recover damages allegedly suffered by as a result of the reorganisation of Bashneft by Sistema.
A spokesman for Sistema said that the firm disagrees with the court ruling and and will file an appeal with the Eighteenth Arbitration Court of Appeal in Chelyabinsk within the time limit prescribed by the law.
The decision of the Republic of Bashkortostan Arbitration Court will not come into effect until such time as the appeal court makes its decision.