BP Hit With $3B Penalty Over Russian Arctic Venture

Law360, New York (July 27, 2012, 8:23 PM EDT) -- A Russian arbitration court on Friday ordered BP PLC to pay $3.1 billion to its TNK-BP International Ltd. joint venture to settle claims that it shortchanged investors by pursuing its own alliance with Russian energy giant Rosneft OAO.

The ruling, which reverses a November finding in the same court, could complicate BP’s plans to sell its 50 percent stake in TNK-BP, which accelerated this week when Rosneft threw its hat into the ring.

The British energy giant vowed to appeal, calling the ruling “a corporate attack”...
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