Sibir Energy, the London listed Russian oil company, shocked the market by agreeing to buy a property portfolio from one of its largest shareholders for $340m (£221m) to help relieve his financial difficulties.

The news was the latest blow for a company that has lost 95% of its value in five months, even though operationally it has been among the most successful independent oil groups in Russia in recent years.

The company has agreed to buy a portfolio of 10 property projects from Chalva Tchigirinski, the Russian businessman who owns about 23% of the company. Igor Kesaev, another Russian businessman, also has 23% and the city of Moscow owns 18%.

Financial Times, The Times, Daily Telegraph