Another key Yukos shareholder, Platon Lebedev, also pleased not guilty. The two men face 11 charges under the Russian criminal code, alleging they were part of a criminal gang which plotted to acquire controlling stakes in Russia’s oil industry in the aftermath of the Soviet rule.

Pictures of Khordokovsky showed him relaxed during his court appearance and joking with photographers.

Yukos is facing troubles of its own, after being hit with back taxes and penalties in excess of US$7 billion.