An international banking consortium has decided to suspend approval for the €10 billion (£6.9bn) loan to Gazprom that would have financed the state-controlled company's acquisition of Yukos's most important oil production plant.

The consortium, led by Deutsche Bank, has decided to delay its final decision over the loan until the end of an American bankrupcty case over Yukos, the Russian Interfax news agency reported. A Houston court has already ruled that the auction of Yuganskneftegaz should be postponed for ten days.

It was thought likely that the auction of Yukos's prize business would go ahead regardless. Russian officials said that the sale of Yuganskneftegaz, responsible for 60 per cent of Yukos's oil output, would take place on Sunday "as planned".

"An auction on selling Yuganskneftegaz stock is quite legitimate and scheduled for this Sunday, December 19," Igor Igoshin, the deputy head of the State Duma committee on budget and taxes, said.

However, freezing the loan could effectively prevent Gazprom from bidding unless it found alternative financing.

The American court decision, made last night, granted Yukos a temporary injunction to stop the auction and was designed to raise funds to help pay the $27.5 billion (£14bn) the oil giant owes in back taxes.

However, a list of entities barred from taking part in the auction excluded many Russian-based organisations, because of the sovereign immunity granted foreign governments in US courts.

Nonetheless, Gazpromneft, a subsidiary of Gazprom, viewed as the likely victor in the auction was included. The order by the US Bankruptcy Court also covers the participation in the sale by Western banks, including Deutsche Bank, ABN Amro, BNP Paribas, Dresdner Kleinwort Wasserstein and JP Morgan, which were to have helped finance the Gazpromneft bid.

Gazpromneft was this morning quoted in the Russian press as saying it would press on with its bid.

Yukos said that is was "pleased" with last night's ruling.

"It is heartening to see a ruling established clearly in the law, with a transparent and due process, before a fair and impartial court," the company said.

However, it acknowledged the limitations of the judgment.

"We remain realistic about the ruling's immediate effect," it said, adding: "While Russian authorities have stated their intention to proceed with the auction, we hope the ruling will lead international banks and other parties to reconsider their participation."

Yukos said it was continuing "all potential legal remedies" to protect its assets.

Fears over Yukos production helped oil prices hold on this morning to nearly all of their 9 per cent gains made this week.

Benchmark US crude stood $0.17 a barrel lower at $44.01 a barrel in morning trade. Brent, which on Wednesday saw its biggest one-day rise since 1991, was $0.18 lower at $41.25 a barrel.

Prices have been primarily revived by a decision by Opec, the producers' cartel to take 1 million barrels of oil a day off the market and by data showing low reserves of US heating oil, rendering supplies vulnerable to a cold snap.

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