Russian Economy Minister Ulyukayev detained in Moscow

Russian Economy Minister Ulyukayev detained in Moscow

Russian Minister of Economic Development Alexei Ulyukayev was detained in connection with an alleged bribe. Russia's Investigative Committee, said Ulyukayev received a $2 million bribe in exchange for signing off on Rosneft's purchase of a stake in mid-sized oil producer Bashneft.

"The minister is detained," the Committee said in a statement. "In the near future investigators plan to bring charges against Alexei Ulyukayev."

"The circumstances of the crime are connected with Alexey Ulyukayev who holds a government post in the Russian Federation receiving $2 million on November 14 for the positive assessment provided by the Economic Development Ministry that allowed Rosneft to complete the deal on purchasing the government's 50% stake in Bashneft," TASS cited the Investigative Committee spokesperson Svetlana Petrenko as saying.

"The criminal case was opened based on Part 6 of Article 290 of the Russian Criminal Code — receiving a bribe in especially large amounts," she noted. This article envisages a fine worth from 80 to 100 times the amount of the bribe with the ban on holding certain positions or engaging in certain activities, or from 8 to 15 years in prison with a fine of 70 times the amount of the bribe or without a fine.

Rosneft, which is controlled by the Russian government, bought 50% of Bashneft for $5 billion on October 12.

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