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. Last Updated: 07/27/2016

Deripaska Did Not Apply for Russneft

The Federal Anti-Monopoly Service said it is not reviewing a request by Oleg Deripaska to buy oil company Russneft because he did not formally apply, Interfax reported Tuesday, citing the head of the government agency.

Deripaska's Basic Element holding did not make a formal application to buy Russneft so the agency cannot consider the acquisition, watchdog chief Igor Artemyev said.

Basic Element sent in a one-page letter, which does not constitute a legal document, Artemyev is quoted as saying in an Internet conference. The Federal Anti-Monopoly Service cannot make a decision until it receives a complete application, Artemyev said.

Basic Element announced that it was making an application to buy Russneft on July 30, Interfax reported. Deripaska's holding expects a decision within one month, in accordance with Russian law, the agency said.