Russian official accused of bribery in chemical firm deal

A controversial deal intended to consolidate oil and polymer capacity at the Russian oil giant Rosneft has ended in the prosecution of Russia’s economic development minister Alexei Ulyukayev for corruption.

The transaction, involving the $4.98 billion sale of a 50 percent government stake in Bashneft, Russia’s sixth ranked oil company and polyolefins producer, to Rosneft, has led to the arrest of the minister for allegedly accepting $1.97 million bribe for agreeing not to block the deal.

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