OREANDA-NEWS. April 12, 2010. A London court lifted its injunction against Rosneft assets after Rosneft provided a “mutually agreed security” to Yukos Capital, Bloomberg reported yesterday. In essence, this means that Yukos Capital will have a lien on the asset pledged by Rosneft until there is final ruling on Yukos Capital’s claim against Rosneft. Yukos Capital is seeking for a RUB14bn (~USD 0.4bn) in compensation from Rosneft based on its claim that it had credited Yuganskneftegaz before it was sold to Rosneft via a bankruptcy auction, reported the press-centre of OTKRITIE FC.

View: As Yukos Capital’s claim still remains, we believe the impact on Rosneft should be neutral. It is marginally positive for the company as the court injunction was lifted and Rosneft assets located in the UK should be now unaffected.

Recommendation: We maintain our BUY rating on Rosneft and our target price of USD 11.00/share or ADR.