The Economist has settled a libel action brought against it by Russian oil magnate Gennady Timchenko and his company, Gunvor.
The current affairs weekly will print a statement relating to the settlement in the next issue of the magazine, which will be published on Friday.
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Timchenko’s legal action, brought in the high court in London in January, was in reaction to an article published as part of a special report on Russia in November.
The Economist issued a statement today, saying: ‘Gunvor, Mr Gennady Timchenko and The Economist are pleased to announce that they have settled the libel litigation brought by Gunvor and Mr Timchenko over an article published in last November’s Economist.
‘An agreed text will be published in the next issue of The Economist.”
Geneva resident Timchenko was the co-founder of Switzerland-based oil trader Gunvor. Forbes estimated his wealth at $2.5bn (£1.5bn) last year.