RusBankrot
We know everything about bankruptcy
18/03/2026
Wednesday
THIS DAY IN HISTORY:
18 March 
1970 Cosmonaut Alexei Leonov made the first spacewalk in the history of mankind
1970 Cosmonaut Alexei Leonov made the first spacewalk in the history of mankind
1970 Japan started closing the schools, calling all the children over six years on service
1970 Japan started closing the schools, calling all the children over six years on service
1970 The last Russian Tsar Nicholas II was arrested
1970 The last Russian Tsar Nicholas II was arrested
18 March
1970 Cosmonaut Alexei Leonov made the first spacewalk in the history of mankind
1970 Cosmonaut Alexei Leonov made the first spacewalk in the history of mankind
1970 Japan started closing the schools, calling all the children over six years on service
1970 Japan started closing the schools, calling all the children over six years on service
1970 The last Russian Tsar Nicholas II was arrested
1970 The last Russian Tsar Nicholas II was arrested
VTB INITIATES BANKRUPTCY OF OIL STRUCTURES OF EX-HEAD OF SIBUR
The financial difficulties faced by Yakov Goldovsky's oil business led creditors to decide to launch an insolvency recognition mechanism. A large loan portfolio, approaching 6 billion rubles, is listed on VTB Bank's balance sheet for a number of enterprises united in the First Oil group. The causes of the crisis lie in a combination of negative factors: the collapse in quotations of "black gold" during the pandemic was replaced by an increase in the cost of credit resources and severe sanctions restrictions that paralyzed the normal operation of the industry.
According to official sources, the financial institution has already announced its intention to file bankruptcy proceedings against several of the group's legal entities. The Pechoraneftegaz company was also included in this list. Judging by the published materials, she is the main debtor. By the end of 2024, its debt to VTB amounted to 5.93 billion rubles, while other structures acted as guarantors for these obligations. The management of the organization is negotiating a restructuring, trying to find a way out of the situation, but the bank prefers not to comment.
First Oil's production assets are located in Komi and Khanty-Mansi Autonomous Okrug, providing annual production of about 0.5 million tons of oil. Pechoraneftegaz, together with its subsidiaries, generates the bulk of revenue and production. According to NKR analysts, the group's total recoverable reserves were estimated at 14 million tons.
The history of the acquisition of these assets by Goldovsky structures from the Gem Capital fund dates back to 2019. According to insiders, this purchase was in the same package as the sale of the Corundum-Cyan chemical plant, and the total investment could amount to about half a billion dollars. Experts note that small deposits have always required constant capital inflows to maintain production levels, however, according to rumors, the investor managed to recoup the investment. Signs of financial instability appeared long before the current crisis. The group had previously violated loan covenants and resorted to restructuring, one of the conditions of which was to maintain minimum production volumes. This requirement could not be fulfilled. Pechoraneftegaz's financial report for 2024 shows a paradoxical picture: with revenue more than doubling (to 11.3 billion), net loss also increased, reaching 1.65 billion.
Market participants attribute the deterioration of the situation to the deep drop in oil prices in 2020, which undermined investment opportunities. Later, Kazakhstani investors joined the project, hoping to double production, but the tight monetary policy of the Central Bank and industry sanctions nullified these plans, only exacerbating the debt burden.
Lawyers emphasize that the published intention is only the first step, which does not guarantee the commencement of bankruptcy proceedings. The debtor still has the opportunity to settle claims: to pay off the delay, provide additional guarantees, or negotiate new loan terms. Possible scenarios also include the conversion of debt into equity, the involvement of an outside investor, or the conclusion of a settlement agreement.
By law, the creditor has the right to file an application to the arbitration court 15 days after the notification. If the court finds the claims justified, the monitoring stage begins, after which a further strategy will be chosen – an attempt at financial recovery or the opening of bankruptcy proceedings.
Photo: Freepik
According to official sources, the financial institution has already announced its intention to file bankruptcy proceedings against several of the group's legal entities. The Pechoraneftegaz company was also included in this list. Judging by the published materials, she is the main debtor. By the end of 2024, its debt to VTB amounted to 5.93 billion rubles, while other structures acted as guarantors for these obligations. The management of the organization is negotiating a restructuring, trying to find a way out of the situation, but the bank prefers not to comment.
First Oil's production assets are located in Komi and Khanty-Mansi Autonomous Okrug, providing annual production of about 0.5 million tons of oil. Pechoraneftegaz, together with its subsidiaries, generates the bulk of revenue and production. According to NKR analysts, the group's total recoverable reserves were estimated at 14 million tons.
The history of the acquisition of these assets by Goldovsky structures from the Gem Capital fund dates back to 2019. According to insiders, this purchase was in the same package as the sale of the Corundum-Cyan chemical plant, and the total investment could amount to about half a billion dollars. Experts note that small deposits have always required constant capital inflows to maintain production levels, however, according to rumors, the investor managed to recoup the investment. Signs of financial instability appeared long before the current crisis. The group had previously violated loan covenants and resorted to restructuring, one of the conditions of which was to maintain minimum production volumes. This requirement could not be fulfilled. Pechoraneftegaz's financial report for 2024 shows a paradoxical picture: with revenue more than doubling (to 11.3 billion), net loss also increased, reaching 1.65 billion.
Market participants attribute the deterioration of the situation to the deep drop in oil prices in 2020, which undermined investment opportunities. Later, Kazakhstani investors joined the project, hoping to double production, but the tight monetary policy of the Central Bank and industry sanctions nullified these plans, only exacerbating the debt burden.
Lawyers emphasize that the published intention is only the first step, which does not guarantee the commencement of bankruptcy proceedings. The debtor still has the opportunity to settle claims: to pay off the delay, provide additional guarantees, or negotiate new loan terms. Possible scenarios also include the conversion of debt into equity, the involvement of an outside investor, or the conclusion of a settlement agreement.
By law, the creditor has the right to file an application to the arbitration court 15 days after the notification. If the court finds the claims justified, the monitoring stage begins, after which a further strategy will be chosen – an attempt at financial recovery or the opening of bankruptcy proceedings.
Photo: Freepik
19.02.2026
