Bashneft

Russian investigators have charged Economy Minister Alexei Ulyukayev with extorting a $2 million bribe from Rosneft, Russia's biggest oil company, in a case that threatens to expose fault lines in President Vladimir Putin's inner circle.

Russian Economic Development Minister Alexei Ulyukayev has been detained detained on suspicion of taking a USD 2 million bribe.

According to TASS, "that allowed Rosneft (oil company) to complete the deal on purchasing the government's 50 percent stake in Bashneft."

Russian's Economy Minister Alexey Ulyukayev has been arrested on suspicions of extortion and threats to a representative of state-owned company Rosneft, Russian media report.

Ulyukayev has become the highest-profile official to be detained in Russian since 1991, with no minister having been placed under arrest in the country's post-Soviet history.

Russia's Economy Ministry has chosen three domestic investment banks to organize the privatization of large state companies this year, it said on April 4.

It chose VTB Capital to arrange the privatization of oil company Bashneft, Sberbank CIB for the privatization of diamond miner Alrosa and Renaissance Broker for the privatization of VTB Bank, it said in a statement.