Russian regulator berates UK suppliers

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A senior Russian energy regulator has launched a scathing attack on UK energy and mining companies, claiming that many of them are cheating investors by exaggerating the size of their reserves.

Oleg Mitvol, deputy head of Russian environmental watchdog Rosrirodnadzor, made the allegations and he called on the London Stock Exchange and other regulatory bodies in the UK to put an end to these stated abuses of power.

"I think they [investors] are already duped or cheated," the Guardian newspaper quoted Mr Mitvol as saying.

"I don't think we have to wait for a big crisis to occur in order to see this problem.

"When a proprietor-licensee has data which can be different from the state data, this is firstly abnormal and secondly a fraud. I can add that soon there will be results of our work with one company announcement which will significantly reduce reserves."

Mr Mitvol said he wanted to see greater cooperation between Russian and British regulators over reserves statements.

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