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Sistema to pay $1.7 bln under settlement with Rosneft — company

December 22, 2017, 21:22 UTC+3

Sistema confirms signing of the settlement with Rosneft, Bashneft, and the Republic of Bashkortostan

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MOSCOW, December 22. /TASS/. Sistema reports signing of the settlement with Rosneft, Bashneft, and the Republic of Bashkortostan and undertakes to pay 100 bln rubles ($1.7 bln) to Bashneft in due time, the company said on Friday.

"According to terms of the settlement, the parties withdraw all lawsuits and renounce all mutual claims and Sistema undertakes to pay 100 bln rubles ($1.7 bln) to Bashneft by March 30, 2018," Sistema said. The company plans to pay this amount using its own and borrowed funds.

Sistema also commended the Russian Direct Investment Fund "for the active contribution into achievement of the settlement" and Sberbank "for input and assistance in making the settlement.".

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