Renova

It's an important ingredient in many facial creams, including Renova, which is used to reduce fine facial wrinkles associated with sun exposure and natural aging.

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With the exception of a few big asset management companies, such as Renova, few can boast of big investment projects in Africa.

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But with BP's existing Russian partners in TNK-BP, Alfa Access Renova, or AAR , digging in their heels, the U.K. oil company has to decide how far to stretch in order to secure its deal with state-controlled Rosneft.

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A spokesman for Soviet-born business tycoon Viktor Vekselberg , who holds a 12.5% stake in the TNK-BP oil joint venture through his Renova Holding, said BP filed the arbitration notice Friday.

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The assumption seems to have been that oligarch-backed Alfa Access Renova, with 50% of TNK-BP, would simply roll over in the face of Kremlin support for BP's $16 billion share swap with the state-owned Rosneft.

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In recent years, billionaires from the former Soviet Union, including Coalco Metals Ltd. owner Vasily Anisimov and Viktor Vekselberg , chairman of commodities company Renova Group, have moved to Switzerland.

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The Renova spokesman maintained that the holding company hasn't violated the terms of the TNK-BP shareholder agreement.

BP Takes TNK-BP Holder to Arbitration Jacob Gronholt-Pedersen 2011

The notice alleges that Renova violated the shareholder agreement between BP and Alfa-Access-Renova, or AAR, the consortium of billionaires who jointly control TNK-BP with the U.K. energy giant.

BP Takes TNK-BP Holder to Arbitration Jacob Gronholt-Pedersen 2011

To resurrect a deal with Rosneft, it faced having to buy out its existing Russian partners, oligarch-backed Alfa Access Renova, from TNK-BP, potentially costing BP and Rosneft more than $30 billion.

BP Counts Cost Of Russian Missteps Andrew Peaple 2011

Meanwhile, a person close to AAR claimed the arbitration against Renova is a new move by BP aimed to "prolong the Stockholm arbitration and delay the ruling by the tribunal."

BP Takes TNK-BP Holder to Arbitration Jacob Gronholt-Pedersen 2011