MOSCOW, June 30 (RAPSI) – A ruling of the Commercial Court of the Republic of Bashkortostan to seize AFK Sistema holding company’s assets valued at 185 billion rubles ($3.1 billion) has been appealed, according to court records.

On June 23, the court arrested 31.76% of MTS mobile operator’s shares owned by AFK Sistema and its subsidiary Sistema-Invest as well as 100% of Medsi Group’s shares and 90.47% of Bashkir Power Grid Company’s (BESK) as part of 170.6 billion rubles (about $3 billion at the current exchange rate) lawsuit filed by Rosneft, Bashneft and Republic of Bashkiria against the companies.

Press service of Rosneft has said previously that the lawsuit is connected with alleged siphoning of assets. Actions of AFK Sistema allegedly led to decrease of assets at this sum.

Initially, Rosneft sought to collect 106.6 billion ($1.8 billion) in damages from Sistema. Later the oil giant increased its claim to 170.6 billion. The plaintiff revised the claim damage upwards taking into account currency fluctuations, according to a company’s representative.

According to AFK Sistema, the plaintiffs’ demands are illegal and groundless.

The court will continue hearing the lawsuit on July 12.