Russian Economy Minister Ulyukayev detained in Moscow

Russian Minister of Economic Development Alexei Ulyukayev was detained in connection with an alleged bribe. Russia's Investigative Committee, said Ulyukayev received a $2 million bribe in exchange for signing off on Rosneft's purchase of a stake in mid-sized oil producer Bashneft.

"The minister is detained," the Committee said in a statement. "In the near future investigators plan to bring charges against Alexei Ulyukayev."

"The circumstances of the crime are connected with Alexey Ulyukayev who holds a government post in the Russian Federation receiving $2 million on November 14 for the positive assessment provided by the Economic Development Ministry that allowed Rosneft to complete the deal on purchasing the government's 50% stake in Bashneft," TASS cited the Investigative Committee spokesperson Svetlana Petrenko as saying.

"The criminal case was opened based on Part 6 of Article 290 of the Russian Criminal Code — receiving a bribe in especially large amounts," she noted. This article envisages a fine worth from 80 to 100 times the amount of the bribe with the ban on holding certain positions or engaging in certain activities, or from 8 to 15 years in prison with a fine of 70 times the amount of the bribe or without a fine.

Rosneft, which is controlled by the Russian government, bought 50% of Bashneft for $5 billion on October 12.