Russian Antitrust Bureau Fines Gazprom Neft, TNK-BP

Law360, New York (August 27, 2009, 4:59 PM EDT) -- Russia’s antitrust agency has fined oil producers TNK-BP and state-owned oil giant Gazprom Neft a total of 8.9 billion rubles ($281.5 million) for reportedly abusing their market positions to increase the wholesale price of fuel in Russia.

Following the June determination that Gazprom Neft and TNK-BP Holdings, an oil producer partially owned by BP, had violated the country’s antitrust law, Russia’s Federal Antimonopoly Service announced Thursday that it would fine Gazprom Neft and TNK-BP approximately 4.7 billion rubles ($148.7 million) and 4.2 billion rubles ($132.8 million),...
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