Russia Fines Lukoil $226M Over Fuel Prices

Law360, New York (November 5, 2009, 5:52 PM EST) -- Russia’s antimonopoly bureau has fined Russian oil giant OAO Lukoil 6.54 billion rubles ($225.7 million) for abusing its dominant position in the wholesale markets for jet and motor fuels.

The Federal Antimonopoly Service of Russia, which has recently targeted a number energy companies for anti-competitive acts, announced the penalty on Thursday.

The agency says Lukoil abused its market position by removing its products from circulation, which led to higher prices in the wholesale markets for refined products, and by creating “discriminatory conditions” for selling oil products...
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