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  Tuesday, January 26, 2021
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The two-month term set by Russian legislation for bailiffs to retrieve $3.4 billion in back taxes from Yukos expires today
Yukos has only paid half of the debt, while its arrested assets to be sold in payment of the back taxes have not been estimated yet. Meanwhile, Kommersant reports, bailiffs will have to sell Yuganskneftegaz shares before October 10 to avoid breaking the law On Execution Proceedings, which gives them two months to sell a debtor's property. At the same time, Article 54 of this law envisages that if the property is not sold within two months, then "the party recovering the debt is entitled to keep this property." Eldar Nazmutdinov, senior legal adviser of the Prospekt investment company, believes that this legal norm is inapplicable in this case, as tax debts can only be repaid with money, according to the Russian Tax Code. However, the expert believes that in this situation, the state might decide to amend "some imperfect and outdated norms" of the law
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