Yukos, the Russian oil group, has warned that it is likely go into bankruptcy within six months if it fails to overturn a legal ruling forcing it to pay $3.4bn (€2.8bn) in back taxes and fines.

A Moscow arbitration court ruled on Tuesday that Yukos, which has been locked in a dispute with the tax ministry over the claims, must repay the sum, which relates to unpaid taxes in 2000. Yukos, which is appealing against the ruling, also warned that it is being investigated over unpaid taxes for 2001.