Mikhail Shamolin, chief executive of Sistema

Victor J. Blue | Bloomberg | Getty Images

Mikhail Shamolin, chief executive of Sistema

Rosneft‘s claim that Sistema stripped assets from Bashneft has no foundation, the president and chief executive officer (CEO) of the Russian diversified holding company told CNBC on Thursday.

“We think that the claim is pretty much baseless,” Sistema’s Mikhail Shamolin told CNBC, speaking from the St. Petersburg International Economic Forum, referring to the multi-billion dollar lawsuit that Rosneft filed on May 2.

“We have a claim and we are dealing with this in court in a civilized way and we believe that our legal position is pretty tight and we’ll see how it goes,” he added.

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