Cleary Gottlieb represented Rosneft Oil Company and a group of its subsidiaries in the successful negotiation of a settlement agreement with former subsidiaries of Yukos Oil Company, as well as with individuals controlling those entities.
The settlement agreement, announced April 1, calls for termination of long-running litigation proceedings in the Netherlands, England, Russia, the United States, France, Ireland and Singapore. According to the announcement, both sides are withdrawing all claims and legal proceedings, and are obliged not to make any future claims related to the bankruptcy and liquidation of Yukos. The agreement does not envisage any monetary or other payments from Rosneft or its subsidiaries. Cleary Gottlieb also represented Rosneft or its affiliates in much of the litigation that has been resolved through the settlement.