The company has been engaged in international arbitration over BP's attempt to secure a $16bn (£10bn) share swap and tie-up with Kremlin-owned Rosneft in the Arctic. The AAR oligarchs argued the move would damage TNK-BP's work in the country and secured a High Court injunction to freeze BP's negotiations. It claimed that the deal, which later collapsed, breached a shareholder agreement granting TNK-BP the right of first refusal to any venture in Russia or Ukraine. BP still denies this and an arbitration panel will rule later this summer on the matter.