Russia's Yukos: The End Is Near

The Moscow Arbitration Court, upholding the decision of a lower court, ruled May 31 that a share emission that allowed Yukos to purchase rival Russian oil firm Sibneft in 2003 was invalid. Without that share emission, Yukos loses its majority control of Sibneft along with Sibneft's producing assets — in effect, sentencing Yukos to oblivion. Yukos's demise is now just weeks away.