Switzerland lifts freeze on $1.6bn linked to Yukos

[dArKeR]

GENEVA - Swiss authorities have agreed to release $1.6 billion in funds belonging to Russian oil giant Yukos which were frozen at the request of Russia, a judiciary source said Friday.

The Federal Tribunal, the highest court in the country, lifted the freeze which was put last March on assets belonging to firm Pecunia Universal, a subsidiary of Menatep, which is itself a Yukos holding company, Swiss news agency ATS reported, quoting law offices Philippe Neyroud, Yukos' legal defence, as saying.

Overall, several billion dollars belonging to the group have been frozen in Switzerland at Moscow's request. Lawyers acting for Yukos have urged Swiss authorities to dismiss the freeze.

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