Telenor appeals Russian court’s $1.7 billion award

Telecommunications group Telenor ASA said on Feb. 4 it has appealed a Russian court order for the Norwegian company to pay $1.7 billion in damages in an ongoing dispute over Russia’s second largest mobile operator, Vimpelcom.

An appeals court in the Siberian city of Omsk awarded the damages on Feb. 20 to the obscure, British Virgin Islands-registered firm Farimex Products Inc. after the court accepted its claim that Telenor’s blocking of a takeover deal had cost it investment losses.

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