Tag: Russia

French court rules against freezing Russian assets

9:38 am

In a complicated court battle involving multiple courts, multiple nations, multiple companies, and multiple industries (including Roscosmos), a French court has ruled in favor of Russia and against the shareholders of the liquidated Russian Yukos oil company.

The Ivry First Instance Court ruled in favor of Roscosmos in a dispute with Cyprus-based offshore company Veteran Petroleum, a shareholder in the former Yukos oil company, according to Roscosmos. “They have acknowledged that our arguments are correct and that there is no need to seize the money,” Roscosmos representative Igor Burenkov told the TASS news agency.

France has seized Russian assets worth $1 billion in total following the Kremlin’s refusal to pay damages to former Yukos shareholders. The seized assets included $400 million owed by French-based satellite provider Eutelsat to the Russian Satellite Communications company and $300 million owned by French space launch provider Arianespace to Roscosmos.

More details here. The dispute here is not just between Russia and the shareholders of Yukos. There is also a battle going on between the Hague International Arbitration Court and the French courts. Whether Russia will be able get its money however remains unclear at this moment.

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April 12, 2016 Zimmerman/Batchelor podcast

11:25 pm

Twenty minutes of fun, talking first about the new American space industry, about to burst out to settle the solar system, then followed with a segment on the increasingly sad state of the Russian space program, run by top-down centralized rule from Moscow, with a failing economy that is very strapped for cash. The embed of the podcast is below the fold.

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Russian assets in France seized

8:59 am

Russia’s refusal to pay damages in a court case has forced France to seize $700 million owed to Russia’s aerospace industry.

In total, France has seized Russian assets worth $1 billion following the Kremlin’s refusal to pay damages to former Yukos shareholders.

In July 2014, The Hague international arbitration court ruled that Russia must pay $50 billion for expropriating the assets of Yukos. The seized assets include $400 million owed by French-based satellite provider Eutelsat to the Russian Satellite Communications company and $300 million owned by French space launch provider Arianespace to Russia’s Roscosmos space agency, the magazine reported, citing the Shearman & Sterling legal firm which represents the Yukos shareholders.

This story is similar to the Sea Launch court suit by Boeing, whom the Russians owe $300 million. In that case Boeing has moved to block Russia from selling Sea Launch.

Both stories suggest that the Russians are in big financial trouble, partly caused by a lack of understanding of capitalism. In both cases, they formed partnerships with western businesses and failed to realize that those partnerships placed financial obligations upon them. From its Soviet days Russia probably thought they could ignore those obligations if it became inconvenient, and they are now discovering that this is not really possible if they wish to sell their goods to the rest of the world.

I expect Russia’s space industry to increasingly become isolated from the rest of the world market, partly because of these events.

In related news, Roscosmos has revealed that after the initial launch at Vostochny in April, the second launch will not occur until 2017. This indicates that the first launch is merely a face-saving effort to hide the fact that construction is really more than a year behind schedule, not three months.

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Dragon arrives at ISS

9:06 am

The competition heats up: SpaceX’s Dragon capsule has been berthed with ISS, bringing with it Bigelow’s privately built inflatable test module.

This berthing also makes it the first time the two American cargo freighters, Dragon and Cygnus, are docked at ISS at the same time.

In a related non-news story, the head of Russia’s space agency Roscosmos, which now controls that country’s entire aerospace industry, claimed in a television interview today that Russia is the world’s “undisputed leader … in launch vehicles and launch services,” noting that they launch about 40% of all launches worldwide.

That’s nice for him to say, but just because you say it doesn’t make it so. I expect that 40% number (which includes all Russian government launches and is thus inflated from their actual market share) to shrink considerably in the coming years, as the Russian space industry has shown a complete inability to innovate in the last twenty years. With the consolidation of that industry into a single corporation all run by the government, I do not expect that inability to go away anytime soon.

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Boeing moves to block Russians from selling Sea Launch

9:21 pm

In a reaction to news that the Russians have a potential buyer for Sea Launch, Boeing has sued to block the sale.

In a motion for a preliminary injunction filed with the U.S. District Court for the Central District of California April 2, Boeing argued that a sale of Sea Launch could hinder its ability to collect on a summary judgment issued last year against Energia of at least $300 million. “If Energia succeeds in selling these assets and moving all of the proceeds thereof to Russia, without paying the hundreds of millions of dollars that it owes, it would unquestionably complicate Boeing’s collection efforts,” the company’s lawyers stated in the court filing.

Energia has refused to pay that $300 million. However, since Sea Launch’s floating launch platform remains docked in California, Boeing retains a great deal of leverage in this legal dispute. I expect the court will eventually put a lock on those assets until the Russians pay up.

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Russia schedules first Vostochny launch

7:08 pm

The competition heats up: Roscosmos has scheduled April 27 as the date for the first launch from its new spaceport in Vostochny.

I do wish them luck. I don’t think the Russians will be very successful at competing in the new private launch industry that is beginning to emerge, centered as they are on Soviet-style, top-down, giant government-run organizations, but I still hope they succeed at whatever they attempt in space. As far as I am concerned, the more the merrier.

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Russia insures first Vostochny launch

8:40 am

In the heat of competition: Russia’s space agency Roscosmos has obtained insurance for the first launch from Vostochny, covering the rocket and the launch facilities it will use.

This story tells us more about Russia’s present circumstances than the situation at Vostochny. Normally, government space agencies self-insure. Russia, however, is having serious economic problems, and I suspect that the managers there have recognized that if this launch fails and the launchpad is damaged badly, they don’t have the cash to quickly rebuild it. Granted, the insurance itself will probably cost them a lot of money they also don’t have, but considering the significant quality control problems the Russian aerospace industry has had in recent years, combined with the corruption that has surrounded the construction at Vostochny, they are probably wise to cover themselves in the not unlikely chance that something goes wrong.

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Further chaos at Vostochny

9:16 am

One week after the Moscow Commercial Court ordered the contractor building the new Russian spaceport Vostochny to repay $52 million in bank loans, that contractor has now filed three lawsuits totaling $17.9 million against the organization that runs the spaceport.

The new lawsuits suggest that even as the contractor’s managers were embezzling millions from the spaceport, the spaceport organization was also pocketing some money that was supposed to go to the contractor.

Russia: a true worker’s paradise!

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Russia selling Sea Launch?

12:12 am

The competition heats up? Though he couldn’t reveal any details, the director of Russian space agency Roscosmos today said that they have found a buyer for Sea Launch.

“I cannot tell you who the investor is, or the value of the contract, due to certain obligations. I hope that we will have something to say about it by the end of April,” Komarov said. He did, however, say that investors from the U.S., Australia, China and Europe have expressed interest in the project.

Because Sea Launch is a floating launch platform, there really is no reason the company can’t be taken over by anyone in the world. And should the buyer use the Ukrainian Zenit rocket that the platform was designed to use, the technical problems might be reduced as well.

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Vostochny contractor ordered to pay loans

10:16 am

A Moscow court has ordered the main contractor building the Vostochny spaceport to pay back 3.5 billion rubles in debt to its bank.

VTB [the bank] has filed several lawsuits to recover debt from Dalspetsstroy [the contractor]. On February 24, the Moscow Commercial Court granted the bank’s lawsuit seeking 722 million rubles ($11 million) from the company. Another claim for 777 million rubles ($11.5 million) should be considered today.

It was the ex-CEO of this contractor, plus his two sons, who are charged with embezzling over a hundred million rubles from the project.

In related news, this Moscow Times article provides some nice details about Russia’s just approved ten-year plan for its space program. As reported earlier, Russia’s bad economic times has forced them to cut the program to the bone.

Somehow, why do I think that these two stories have so much to do with each other? Could it be that there is some inherent corruption within Russia’s giant government-run aerospace monopoly called Roscosmos that prevents that monopoly from innovating, competing, and doing things efficiently?

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Near disaster for ExoMars

6:22 pm

The Russian jinx for going to Mars might not be over yet: New data suggests that the Briz-M upper stage to the Proton rocket exploded shortly after it has propelled ExoMars on its way to Mars and then separated from it.

There appears to be a cloud of debris near the probe, thought to have been caused when the Briz-M stage was to fire its rockets one last time to take it away from ExoMars as well as prevent it from following it to Mars. Instead, it is thought (though not confirmed) that the stage blew up at that moment.

Though so far ExoMars appears to be functioning properly, but they have not yet activated all of its most sensitive instruments. Only when they turn them on in April will we find out if they were damaged in any way by the Briz-M failure.

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Fuel for Russia’s nuclear space engine

9:14 am

The competition heats up: According to Russian press sources, the first fuel for that country’s nuclear space engine project has now been delivered to Rosatom, Russia’s nuclear energy corporation.

The article is very unclear whether this space engine is a nuclear power plant similar to those used by NASA’s deep space Voyager, Pioneer, and Cassini probes, or whether it is a real nuclear-powered engine designed to provide thrust. Russia has never launched a probe with the former, so that would be an advancement for them, but it would not be a game-changer in the exploration of the solar system. If the latter, however, it will give them the capability no one else has to travel quickly and more efficiently to other worlds.

Based on a careful rereading of the article, I suspect the former.

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