Russian Court Cuts TNK-BP Antitrust Fine By $100M

Law360, New York (November 1, 2010, 12:21 PM EDT) -- A Russian appeals court has slashed an antitrust fine against TNK-BP Holdings from 4.2 billion rubles ($136 million) to 1.17 billion rubles following the Rosneft-BP PLC joint venture's agreement not to dispute a finding that it had conspired to keep wholesale gas prices high in Russia despite falling prices worldwide.

The Eighth Arbitration and Appeals Court of Omsk on Friday partially tossed an earlier ruling that had invalidated the 4.197 billion ruble fine in its entirety, TNK-BP and Russia's Federal Antimonopoly Service said Monday.

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