Norway’s Telenor loses appeal in Moscow court

MOSCOW, Aug 6 (Reuters) – Norway’s Telenor lost another round of its Russian legal battle on Thursday, when a Moscow appeals court rejected its latest attempt to delay the enforcement of a $1.7 billion fine owed to Russian telecoms firm Vimpelcom.

Telenor faces the prospect of losing its stake in Vimpelcom after Russian bailiffs in June ordered the sale of its shares to cover the fine that a Siberian court imposed for holding back Vimpelcom’s expansion in Ukraine. The case is being closely watched as a guide to the climate for foreign investors in Russia, coming after the shareholder battle last year that forced management and personnel changes at BP’s Russian oil joint venture, TNK-BP.

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