A British Virgin Islands court has frozen trading in a 49 per cent stake in a British-Russian oil firm being fought over by Roman Abramovich’s Sibneft and rival firm Sibir Energy.

The court ordered the freezing of the stake in the joint venture, Sibneft Yugra, pending a further court hearing to take place by July 27.

Sibir Energy has accused Sibneft, which is controlled by Mr Abramovich, who also owns Chelsea football club, of misappropriating assets worth up to $2 billion by unlawfully increasing its stake in Sibneft Yugra by selling shares to affiliate companies.

Sibir Energy claims its stake in the company was reduced from 50 per cent to less than 1 per cent between 2002 and 2003. The companies set up Sibneft Yugra in 2000 in order to develop the vast Siberian oil fields of South Priobskoye.

"We have started proceedings in the British Virgin Islands because British Virgin Islands companies have been used as vehicles," Sibir Energy’s chief executive, Henry Cameron, said.

The British Virgin Islands court ordered Sibneft and Mr Abramovich to maintain assets of at least $1 billion dollars until the freeze had been carried out by a receiver.

Sibir shareholders, led by Russian billionaire and 51 per cent owner Chalva Tchigirinski, have been fighting to regain the property they claim is still theirs, and have secured the backing of the court to have the case heard. Sibneft insists it acquired the stake by entirely legitimate means.

Mr Tchigirinski told The Sunday Times: "This is war. And it is one that Abramovich declared on me. We have evidence of wrongdoing. We need to repossess our property.

"Russia needs to build normal transparency and gain investor confidence. I’m taking on this fight not just for my sake but for Russia’s too."

Sibir has emphasised that it, not just Mr Tchigirinski, is making the allegations and fighting Mr Abramovich.

The court order was secured on behalf of City institutions including M&G, the investment arm of Prudential, and RAB Capital, the AIM-quoted hedge-fund manager.

The British Virgin Islands case could also be a blow for Russia’s Gazprom, which had planned to buy a stake in Sibneft, the country’s fifth largest oil producer.

"This court case could impede the potential sale of a controlling stake in Sibneft to Gazprom," the research department of Russia’s Alfa Bank said.

"We won’t comment on the specifics of ongoing litigation. We will address this issue in the courts," John Mann, Sibneft's spokesman, told AFP, adding that Sibir Energy had lost three court cases against Sibneft in Russia in the past two weeks.

The dispute is likely to throw light Mr Abramovich’s business career. The billionaire will be asked to deliver to the court a full list of his assets, making public for the first time the extent and details of his wealth both in Britain and Russia.

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