RussNeft: Media Statements False

OAO RussNeft considers it necessary to make the position of the Company clear in connection with mass media publications of January 29, 2007.

The publications alleged, inter alia, that the president of the Company Mikail Gutseriev had been detained within the frame of criminal investigating actions commenced in relation with production activity of three subsidiaries of the Company.

Actually at present Investigative Committee of the Ministry of Internal Affairs is working over the said criminal cases. In particular, some documents, essential for the investigation, were seized from the Company's office and some senior managers of the Company were interrogated as witnesses. However the information spread by some media about the alleged detainment of the president of the Company is untrue and impairs the credit of the Company's name. The Company's management has rendered all assistance to the investigation, upholding the justice of their position, which was earlier straightforwardly stated in mass media.

OAO RussNeft express their confidence that Investigative Committee of the Ministry of Internal Affairs will scrupulously and objectively study the case arisen in connection with production activity of the Company's subsidiaries.

Besides, RussNeft reserves the right for remedial action in case of publication of patently false statements prejudicing their business standing.