Yukos awaits the bailiffs

CRIPPLED Russian oil giant Yukos was bracing itself for another visit from the bailiffs today after missing a deadline to pay $3.4bn (£1.8bn) in back taxes.

The deadline with the Russian authorities expired at midnight, just hours after an offer by former chief executive Mikhail Khodorkovsky to give up his shares in the company and settle the dispute.

Bailiffs could now arrive at any moment at its Moscow HQ. Analysts said it would make sense for them to seize the 35% Yukos stake in Roman Abramovich's Sibneft oil group.

A spokesman for Yukos, which pumps more oil than Libya, said: 'We have no news. We are waiting.'

Analysts believe a deal will still be thrashed out between Yukos and the Kremlin. President Vladimir Putin has said he wants to prevent the firm's collapse.

Yukos faces a tax bill of nearly $7bn for 2000 and 2001. Khodorkovsky and key shareholder Platon Lebedev are being tried on separate charges of fraud and tax evasion.

Khodorkovsky's lawyer confirmed his client had offered to give up control of the group but there was no word from officials.

US crude today climbed 47 cents to $39.55 a barrel.