Russian Court Upholds Antitrust Fine For Lukoil Unit

Law360, New York (November 12, 2010, 3:48 PM EST) -- A Russian appeals court has affirmed that several Lukoil OJSC units ran afoul of the country's anti-monopoly law by keeping oil wholesale prices high despite falling prices worldwide, but reduced the group's fine for its efforts to improve competition in the sector.

Lukoil's Nizhegorodnefteorgsynthez unit told the First Arbitration Appeal Court at a hearing Wednesday that it would not further challenge that decision or its associated reduced 659 million ruble ($21 million) fine, Russia's Federal Antimonopoly Service said.

In its ruling, the First Arbitration court upheld...
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