Yukos

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Yukos was a major Russian oil and petrochemical company that existed from 1993 to 2007. It was one of the world's largest non-governmental corporations.

History of Development

### Creation of the Company

The creation of Yukos was predetermined by the Decree of the President of the Russian Federation No. 1403 of November 17, 1992. The decree aimed to improve the efficiency of the oil complex of the Russian Federation and ensure a reliable supply of consumers with oil and oil products.

### Growth and Decline

Yukos was one of the largest companies in Russia in terms of sales. In the period from 1995 to 2005, it was invariably among the 10 largest companies in Russia according to the Expert magazine (the best result was the 4th place in 2001-2003). However, after the arrest of Mikhail Khodorkovsky in 2003, the company faced financial difficulties.

Bankruptcy and Liquidation

On August 1, 2007, Yukos was declared bankrupt by a Moscow court. The company's assets were sold at auction to cover debts during 2007. On November 21, 2007, the company was liquidated.

Leadership and Controversies

Yukos has been led in recent years by Mikhail Khodorkovsky, a politically engaged billionaire. Due to his arrest and restrictive measures of the Russian government, the company became internationally known but also faced economic difficulties. Khodorkovsky, along with manager Platon Lebedev, was accused of tax crimes and sentenced to several years in prison.

Name Origin

The common English name "Yukos" is an acronym of the companies involved in the formation of the oil group: 'YUganskneftegaz' and 'KuybyshevnefteOrgSintez'.