When BP’s Russia venture TNK-BP gallantly lost to state-controlled Rosneft in the recent cut-price auction of remaining assets of the Yukos oil group, its participation helped legitimise a process criticised by Yukos shareholders as expropriation, analysts say.

Italian energy majors Eni and Enel swiftly followed – winning a second Yukos assets auction only to hand control of their winnings to Russia’s state gas monopoly, Gazprom.