Gazprom Drops Appeal Of $44M Russian Antitrust Fine

Law360, New York (December 9, 2010, 4:46 PM EST) -- Gazprom Neft OJSC has dropped its appeal of Russian antitrust regulators’ 1.36 billion ruble ($44 million) fine for allegedly keeping wholesale prices for oil prices high despite falling rates worldwide in 2007 and 2008.

The Moscow Arbitration Court closed the company's appeal Tuesday after Gazprom withdrew its challenge to the Russian Federal Antimonopoly Service’s determination that it had abused its dominance in the wholesale oil market.

The watchdog fined the company after ruling that the it had fixed prices monopolistically high for petrol, diesel fuel, aviation...
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