The Moscow Arbitration Court on Tuesday rejected a plea by the ailing Yukos oil company to prevent the Russian government from collecting 99 billion rubles ($3.4 billion) in back taxes until its appeal against the seizure of its core assets, which began on Wednesday, has been heard.
The firm was struck a second blow when the arbitration court ruled against it over the decision taken by bailiffs not to use Yukos's 20% stake in the Sibneft oil company as collateral for the tax bill.
Although Yukos has paid off a portion of its back tax liability, it has repeatedly warned that the government's moves to freeze its bank accounts and prevent it from selling assets to pay the remainder has made bankruptcy an increasingly likely proposition.
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