Cleary Gottlieb Retained by Tatneft to File Arbitration Against Ukraine

March 17, 2008

Cleary Gottlieb announced today that the firm has been retained to commence an international arbitration on behalf of OJSC TATNEFT named after V.D. Shashin (“Tatneft”) against Ukraine.

The arbitration will be commenced under the bilateral investment treaty between the Russian Federation and Ukraine. Tatneft’s claims arise out of the takeover in October 2007 of the Kremenchug refinery (JSC Ukrtatnafta).