Telenor’s appeal rejected

Sylvia Brustad. Photo: Regjeringen.

Sylvia Brustad. Photo: Regjeringen.

Russian court has rejected Telenor’s appeal to suspend a 1,7 billion ruling.

An arbitration court in Siberia today (March 24) rejected an appeal by Norway’s telecoms giant Telenor to suspend a court ruling to pay 1.728 billion USD to Russian communications operator VimpelCom, RIA Novosti reports.

The Russian arrest of Telenor’s 29,9 percent of the VimpelCom company triggered harsh reactions from a wide specter of foreign investors in Russia.

“This is a test case for how serious the Russian government is in encouraging foreign investment in the post-crisis world, Roland Nash, head of research at Renaissance Capital told the Moscow Times.

Norwegian Minister of Industry Sylvia Brustad says has called the conflict “the most critical bilateral issue in our relations with Russia” and requested Russian Deputy Prime Minister Zubkov for a meeting on the Norwegian telecommunication company’s investment in Russia, BarentsObserver reported.

Source: BarentsObserver.com

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