Sergei Bakeshin assessed for Delovoy Petersburg the impact of the arrest of shares and property of Petersburg Oil Terminal on its operations

According to the information base of Electronic Justice, the Commercial Court of St. Petersburg and Leningrad Region has arrested all shares of JSC Petersburg Oil Terminal (POT), as well as all movable and immovable property and shares of the terminal in any other legal entities and securities owned by the joint-stock company. In addition, the court prohibited the company from stopping production activities.

‘The impact of the interim measures on Petersburg Oil Terminal’s business will depend on whether the company directly conducts operational activities. If not, in this case the injunctions imposed by the court will not affect the terminal’s operations too much. In another case, if, for example, the terminal sells oil, it will not be able to do so because all movable property has been seized. But in order to determine the exact impact of interim measures, it is necessary to know the structure of the business, its activities, etc.,’ Sergei Bakeshin, Counsel, Head of Dispute Resolution and Insolvency Practice at Maxima Legal, explained to Delovoy Petersburg.

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