Lukoil Loses Challenge To $13M Monopoly Fine

Law360, New York (November 4, 2010, 4:11 PM EDT) -- A Russian court has confirmed a 382 million ruble ($12.5 million) fine against Lukoil OJSC and several of its subsidiaries for fixing high wholesale prices for a variety of oil products.

The Volgograd Regional Arbitration Court rejected Lukoil's challenge to the fine from Russia's Federal Antimonopoly Service on Wednesday, ruling that the antitrust regulator had not erred in fining the Russian oil giant for working to keep prices high for oil in late 2007 and 2008.

In October 2008, the regulator ruled that Lukoil, along with...
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