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28 Jun, 2007 05:53

Abramovich to keep Yukos billions

Russian billionaire and owner of Chelsea football club, Roman Abramovich, has no reason to fear prosecution from former Oil giant Yukos, reports Russia's Vedomosti newspaper.

The bankrupt oil company has dropped its demand for $US 3 BLN from Abramovich's firm – Millhouse Capital.

The Millhouse-controlled oil operation Sibneft struck a deal with Yukos in 2003.

Yukos acquired 92% in Sibneft – paying Millhouse Capital $US 3 BLN.

When Yukos was declared bankrupt, Abramovich's company cancelled the deal, but was reluctant to hand back the cash.

Yukos's receiver had been attempting to bring the case to court, but both sides have now agreed to drop all claims in relation to the deal.