Russian oil giant may lose licences

Turning up the heat on the embattled Russian oil giant Yukos, a Cabinet minister warned today that the government may strip it of licenses to develop some oilfields.

Yukos, Russia’s largest oil company, has faced a four-month-long probe that many see as politically tinged. The investigation has resulted in the arrest and jailing of company head Mikhail Khodorkovsky, who resigned this week, and the freezing of a large chunk of its shares.