Alaska Sen. Ted Stevens, at 84 the longest-serving Republican in the Senate and one of its most powerful members, was indicted Tuesday on seven felony counts alleging that he lied to conceal his acceptance of $250,000 in gifts and services from a now-defunct Alaska oil services and construction company.

Stevens notified senior Republicans that he'd abide by a Senate Republican rule and temporarily step down from his ranking posts on the Senate Commerce Committee and an Appropriations subcommittee.

The indictment, returned by a federal grand jury in Washington, charges that Stevens made false statements on his annual Senate financial-disclosure statements for the years 2001 through 2006 to conceal gifts from VECO Corp. and its chief executive officer, Bill Allen. If he's convicted, Stevens could face an unspecified fine and as much as five years in prison.

The indictment marked the latest turn in a sweeping, four-year-old federal investigation of public corruption in Alaska that already has led to seven convictions and also is focusing on veteran Republican Rep. Don Young. The investigation has revolved around VECO, whose executives have been the top donors to Alaskan political campaigns in recent years.