Russia has left Yukos and its investors guessing as to its next move today after selling its main oil production unit to a mystery firm called Baikal Finance Group.
Some analysts speculated that Baikal Finance's winning $9.4 billion bid at the Sunday auction could be a stalling tactic by the Russian government to circumvent a temporary US court ruling that barred prospective bidders and their foreign bankers from bidding, pending further proceedings in Yukos's application for US Chapter 11 bankruptcy protection.
"The Russians were apparently more bothered by that ruling than anyone thought," said Sovlink Securities chief strategist Mr Eric Kraus. "One theory is that they (Baikal) will not come up with the dosh in two weeks time and the government will nationalise it. I think it's entirely plausible. Or, Gazprom is behind it and they are waiting for the court order to be vacated."
Russian gas monopoly Gazprom, named in the US court order and widely seen as favourite to buy Yugansk, ended up not bidding at the auction.
A win at the auction would have put Gazprom, the world's largest gas producer, in direct violation of the US court order and expose it to contempt of court proceedings that could involve foreign asset seizures.